SECURITIES AND EXCHANGE COMMISSION
                             Washington, D. C. 20549
                                      ____
                           --------------------------

                                   FORM 10-QSB


              [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
                          OF THE SECURITIES ACT OF 1934

                For the quarterly period ended December 31, 2001

                                       OR

 [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
     EXCHANGE ACT OF 1934



                         Commission file number 0-30472

                               PIONEER OIL AND GAS
             Incorporated pursuant to the Laws of the State of Utah



        Internal Revenue Service - Employer Identification No. 87-0365907

                      1206 W. South Jordan Parkway, Unit B
                          South Jordan, Utah 84095-5512



Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the  preceding 12 months (or for such  shorter  period that the  registrant  was
required  to file  such  reports)  and  (2)  has  been  subject  to such  filing
requirements for the past 90 days.
Yes __X_            No __ _


The total number of shares of the registrant's Common Stock, $.001 par value,
outstanding on December 31, 2001, was 7,961,618.





<PAGE>


                          Part I. FINANCIAL INFORMATION

Item 1.  Financial  Statements  for First  Fiscal  Quarter  2002  Period  Ending
December 31, 2001.














<PAGE>
<TABLE>
<CAPTION>



                               PIONEER OIL AND GAS
                                  Balance Sheet
                                December 31, 2001
                                   (unaudited)

       Assets
Current assets:
<S>                                                                           <C>
       Cash                                                                   $  107,158
       Accounts receivable                                                       186,549
       Resale leases, at lower of cost or market                                 417,076
                                                                                --------

                  Total current assets                                           710,783

Property and equipment - net (successful efforts method)                         755,311
Other assets                                                                       2,000
                                                                                --------

                                                                              $1,468,094

----------------------------------------------------------------------------------------

       Liabilities and Stockholders' Equity

Current liabilities:
       Accounts payable                                                       $   54,555
         Accrued expenses                                                         26,499
       Line of Credit                                                            345,000
                                                                                --------


                  Total current liabilities                                      426,054
                                                                                --------

Commitments and contingencies                                                          -

Stockholders' equity:
       Common stock, par value $.001 per share, authorized
         50,000,000 shares: 7,961,618 shares issued and
         outstanding                                                               7,961
       Additional paid-in capital                                              2,495,291
       Stock subscription receivable                                            (269,800)
       Accumulated deficit                                                    (1,250,122)
       Year to date income (loss)                                                 58,710
                                                                                --------

                  Total stockholders' equity                                   1,042,040
                                                                               ---------

                                                                              $1,468,094
</TABLE>

<PAGE>
<TABLE>
<CAPTION>



                               PIONEER OIL AND GAS
                             Statement of Operations

                    First Fiscal Quarter Ending December 31,
                                   (unaudited)


                                                                                    2001             2000
                                                                                    ----             ----
Revenue:
<S>                                                                           <C>              <C>
       Oil and gas sales                                                      $  132,279       $  238,761
       Royalty Revenue                                                           134,179           48,266
       Operational reimbursements                                                    500              500
       Project and lease sales income                                                  0          105,595
                                                                                --------         --------

                                                                                 266,958          393,122
                                                                                --------         --------


Costs and expenses:
       Cost of operations                                                         45,311          102,019
       General and administrative expenses                                        74,098          110,111
       Exploration costs                                                          45,439           50,995
       Lease rentals                                                              20,844            3,093
       Depreciation, depletion and amortization                                   25,930           30,133
                                                                                --------         --------

                                                                                 211,622          296,351
                                                                                --------         --------

                  Income from operations                                          55,336           96,771
                                                                                --------         --------

Other income (expense):
       Interest expense                                                           (2,615)               -
       Other (expense) income                                                      5,989            2,334
                                                                                --------         --------

                                                                                   3,374            2,334
                                                                                --------         --------

                  Income before provision
                  for income taxes                                                58,710           99,105
       Provision for income taxes                                                      -                -
                                                                                --------         --------

                  Net Income                                                  $   58,710       $   99,105
                                                                                --------         --------


Earnings per share - basic and diluted                                        $      .01       $      .01
                                                                                --------         --------

Weighted average common shares - basic and diluted                             7,972,000        8,135,000
                                                                               ---------        ---------

</TABLE>


<PAGE>
<TABLE>
<CAPTION>




                               PIONEER OIL AND GAS
                             Statement of Cash Flows
                    First Fiscal Quarter Ending December 31,
                                   (unaudited)
                                                                                    2001             2000
<S>                                                                           <C>              <C>
Cash flows from operating activities:
       Net income                                                             $   58,710       $   99,105
       Adjustments to reconcile net income to net cash
         provided by (used in) operating activities:
           Depreciation, depletion and amortization                               25,930           30,133
           (Increase) decrease in:
               Accounts receivable                                               (79,158)         (13,391)
               Resale leases                                                     (18,048)         120,915)
               Other assets                                                            -                -
           Increase (decrease) in:
               Accounts payable                                                  (67,241)          31,676
               Accrued expenses                                                   (2,374)              10
                                                                                --------         --------

                        Net cash provided by (used in)
                    operating activities                                         (82,181)          26,618
                                                                                --------         --------

Cash flows from investing activities:
       Proceeds from sale of property                                                  -                -
       Acquisition of property and equipment                                     (61,604)          (1,500)
                                                                                --------         --------

                       Net cash provided by (used in)
                   investing activities                                          (61,604)          (1,500)
                                                                                --------         --------

Cash flow from financing activities:
       Increase in Credit Line                                                   250,000                -
       Acquisition and retirement of Common Stock                                 (2,620)               -
                                                                                --------         --------
       Net cash provided by financing activities                                 247,380                -
                                                                                --------                -

                  Net increase (decrease) in cash                                103,595           25,118

Cash, beginning of quarter                                                         3,563          246,681
                                                                                --------         --------
Cash, end of quarter                                                          $  107,158       $  271,799
                                                                             -----------       ----------

</TABLE>


<PAGE>


                               PIONEER OIL AND GAS
                          NOTES TO FINANCIAL STATEMENTS
                  First Fiscal Quarter Ending December 31, 2001
                                   (Unaudited)

NOTE 1 - UNAUDITED INTERIM INFORMATION

The accompanying unaudited financial statements have been prepared in accordance
with generally accepted accounting  principles for interim financial information
and with the instructions to Form 10-QSB and Regulation S-B.  Accordingly,  they
do not include  all of the  information  and  footnotes  required  by  generally
accepted accounting principles for complete financial statements. In the opinion
of  management,  all  adjustments  (consisting  of  normal  recurring  accruals)
considered  necessary  for a fair  presentation  have been  included.  Operating
results for the three month period ended  December 31, 2001 are not  necessarily
indicative of the results that may be expected for the year ending September 30,
2002. For further  information,  refer to the financial statements and footnotes
thereto  included in the Company's Form 10-KSB for the year ended  September 30,
2001.

     (1) The unaudited financial  statements include the accounts of Pioneer Oil
and Gas and include all adjustments (consisting of normal recurring items) which
are, in the opinion of  management,  necessary to present  fairly the  financial
position as of December  31, 2001 and the results of  operations  and cash flows
for the three month  period  ended  December  31, 2001 and 2000.  The results of
operations  for the three  months ended  December  31, 2001 are not  necessarily
indicative of the result to be expected for the entire year.

     (2) Earnings per common  share is based on the weighted  average  number of
shares outstanding during the period.



<PAGE>


 Item 2 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
 OF OPERATIONS
                        (Period Ending December 31, 2001)
                            Unaudited Financial Data

The discussion and analysis contained herein should be read in conjunction with
the preceding financial statements and the information contained in the
Company's 10SB. Except for the historical information contained herein, the
matters discussed in this 10 QSB contain forward looking statements within the
meaning of Section 27a of the Securities Act of 1933, as amended, and Section
21e of the Securities Exchange Act of 1934, as amended, that are based on
management's beliefs and assumptions, current expectations, estimates, and
projections. Statements that are not historical facts, including without
limitation statements which are preceded by, followed by or include the words
"believes," "anticipates," "plans," "expects," "may," "should," or similar
expressions are forward-looking statements. Many of the factors that will
determine the company's future results are beyond the ability of the Company to
control or predict. These statements are subject to risks and uncertainties and,
therefore, actual results may differ materially. All subsequent written and oral
forward-looking statements attributable to the Company, or persons acting on its
behalf, are expressed qualified in their entirety by these cautionary
statements. The Company disclaims any obligation to update any forward-looking
statements whether as a result of new information, future events or otherwise.

Important  factors  that may  include,  but are not  limited  to:  the risk of a
significant  natural  disaster,  the inability of the Company to insure  against
certain risks, fluctuations in commodity prices, the inherent limitations in the
ability to estimate oil and gas reserves,  changing government  regulations,  as
well as general  market  conditions,  competition  and pricing,  and other risks
detailed  from time to time in the  Company's  SEC reports,  copies of which are
available upon request from the Company.

   Results of Operations -

Total revenue for the first fiscal quarter decreased 32 percent from $393,122 in
fiscal  2001 to $266,958 in fiscal  2002.  The  decrease in revenue was due to a
decrease  in oil and gas sales  (excluding  royalty  revenue)  of $106,482 or 45
percent  and a decrease in project and lease  sales  income of  $105,595.  These
decreases were partially offset by an increase in royalty revenue of 178 percent
or $85,913.

Total oil and gas sales (including royalty revenue) decreased seven percent from
$287,027  (fiscal  2001) to $266,458  (fiscal 2002) in the first  quarter.  This
decrease  was  relatively  modest in light of lower oil and gas product  prices.
Average oil prices for the quarter  decreased  from $26.98 for the first quarter
of fiscal 2001 to $16.54 bbl for the first quarter  fiscal 2002 while gas prices
dropped  from $4.20 MCF to $2.78 MCF. For the quarter oil  production  increased
one percent due to  improvements  in our producing  properties.  Gas  production
increased  150  percent  due to our  Grassy  Mesa  Unit  coming  on line and our
increased  participation in the Hunter Mesa Unit (and from revenue on the Hunter
Mesa Unit for prior periods that had been held in suspense).

<PAGE>

Project and lease sales income for the quarter  decreased  from  $105,595 to $0.
The  Company  did not sell any  projects  during  the  quarter  but has  several
projects it is currently marketing.  One of the Company's current projects,  the
"Uinta Basin Overpressured Gas Play", has substantial upside potential and could
contain large reserves of natural gas.

Costs of operations  decreased  from $102,019  (fiscal 2001) to $45,311  (fiscal
2002) for the  quarter  due  primarily  to  smaller  payments  to joint  venture
partners  because of lower product prices.  Also, some of the operational  costs
for fiscal 2001 were associated with the coldest November and December on record
in 2000.

General and  administrative  expenses  decreased from $110,111 to $74,098 as the
company continues to implement cost cutting measures.

The Company's net income for the first quarter decreased from $99,105 for fiscal
2001 to $58,710  for fiscal  2002.  The  decrease  was  primarily  related to no
project  and lease  sales  income  for the  first  fiscal  quarter  of 2002 when
compared  with the  first  quarter  of 2001.  Earnings  per  share for the first
quarter of fiscal 2002 were $.01.  This  compares to earnings  per share of $.01
for the same period last year.

Liquidity and Capital Resources

During the first  quarter of fiscal 2002 net cash used in  operating  activities
was $82,181 while  investing  activities used $61,604 in cash. Net cash provided
by financing  activities  during the first  quarter of fiscal 2002 was $247,380.
Cash at the end of the quarter increased from $3,563 to $107,158.



<PAGE>



                           PART II. OTHER INFORMATION


Item 1 - Legal Proceedings

The  Company  may become or is subject to  investigations,  claims,  or lawsuits
ensuing  out  of the  conduct  of  its  business,  including  those  related  to
environmental  safety and health,  commercial  transactions  etc. The Company is
currently not aware of any such items,  which it believes  could have a material
adverse affect on its financial position.

Item 2 - Changes in Securities

         None.

Item 3 - Defaults Upon Senior Securities

         None.

Item 4 - Submission of Matters to a Vote of Security Holders

         None.

Item 5 - Other Information

         None.

Item 6 - Exhibits and Reports on Form 8-K

         (a)  There are no exhibits with this report.

         (b) The registrant did not file any reports on Form 8-K during the
fiscal quarter ended December 31, 2001.


                                   SIGNATURES

Pursuant  to the  requirements  of the  Securities  Exchange  act of  1934,  the
Registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned thereunto duly authorized.


                                        Pioneer Oil and Gas




Dated:   February 12, 2002                  /s/ Don J. Colton
                                        -------------------------------------
                                        President and Chief Executive Officer