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, 2000

                                       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 84095-4551



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, 2000, was 8,135,018.





<PAGE>


                          Part I. FINANCIAL INFORMATION
Item 1.  Financial  Statements  for First  Fiscal  Quarter  2001  Period  Ending
December 31, 2000.



<PAGE>
<TABLE>
<CAPTION>



                                                          PIONEER OIL AND GAS
                                                             Balance Sheet
                                                           December 31, 2000
                                                              (Unaudited)

       Assets
Current assets:
<S>                                                                      <C>
       Cash                                                              $       271,799
       Accounts receivable                                                       143,789
       Resale leases, at lower of cost or market                                 217,840
                                                                                --------

                  Total current assets                                           633,428

Property and equipment - net (successful efforts method)                         588,722
Other assets                                                                       2,000
                                                                                --------

                                                                           $   1,224,150


       Liabilities and Stockholders' Equity

Current liabilities:
       Accounts payable                                                  $       157,438
       Accrued expenses                                                           21,563
                                                                                --------



                  Total current liabilities                                      179,001
                                                                                --------

Commitments and contingencies                                                          -

Stockholders' equity:
       Common stock, par value $.001 per share, authorized
         50,000,000 shares: 8,135,018 shares issued and
         outstanding                                                               8,134
       Additional paid-in capital                                              2,521,069
       Stock subscription receivable                                           (280,996)
       Accumulated deficit                                                   (1,302,163)
       Year to date income (loss)                                                 99,105
                                                                                  ------

                  Total stockholder's equity                                   1,045,149
                                                                           -------------

                                                                          $    1,224,150

</TABLE>
<PAGE>
<TABLE>
<CAPTION>



                                                          PIONEER OIL AND GAS
                                                        Statement of Operations

                                               First Fiscal Quarter Ending December 31,
                                                              (Unaudited)


                                                                                    2000             1999
<S>                                                                           <C>             <C>
                                                                                    ----             ----
Revenue:
       Oil and gas sales                                                      $  238,761      $   181,025
       Royalty Revenue                                                            48,266           35,340
       Operational reimbursements                                                    500              500
       Project and lease sales income                                            105,595                0
                                                                                 -------          -------

                                                                                 393,122          216,865
                                                                                 -------          -------


Costs and expenses:
       Cost of operations                                                        102,019           95,431
       General and administrative expenses                                       110,111          110,183
       Exploration costs                                                          50,995           46,628
       Lease rentals                                                               3,093            1,825
       Depreciation, depletion and amortization                                   30,133           31,590
                                                                                 -------           ------

                                                                                 296,351          285,657
                                                                                 -------          -------

                  Income (loss) from operations                                   96,771         (68,792)
                                                                                 -------          -------

Other income (expense):
       Interest expense                                                                -              (5)
       Other (expense) income                                                      2,334            2,639
                                                                                 -------           ------

                                                                                   2,334            2,634
                                                                                 -------           ------

                  Income (loss) before provision
                  for income taxes                                                99,105         (66,158)
       Provision for income taxes                                                      -                -
                                                                                --------         --------

                  Net Income (loss)                                         $     99,105    $    (66,158)
                                                                                --------         --------


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

</TABLE>
<PAGE>
<TABLE>



                                                          PIONEER OIL AND GAS
                                                        Statement of Cash Flows
                                               First Fiscal Quarter Ending December 31,
                                                              (Unaudited)
                                                                                    2000             1999
<S>                                                                        <C>                 <C>
                                                                                    ----             ----
Cash flows from operating activities:
       Net income $      99,105                                            $    (66,158)       $
       Adjustments to reconcile net income to net cash
         provided by (used in) operating activities:
           Depreciation, depletion and amortization                               30,133           31,590
           (increase) decrease in:
               Accounts receivable                                              (13,391)            2,822
               Resale leases                                                   (120,915)         (67,534)
               Other assets                                                            -            (230)
           Increase (decrease) in:
               Accounts payable                                                   31,676          (8,894)
               Accrued expenses                                                       10            (167)
                                                                                   -----            -----

                  Net cash provided by (used in)
                  operating activities                                            26,618        (108,571)
                                                                              ----------        ---------

Cash flows from investing activities:
       Proceeds from sale of property                                                  -                -
       Acquisition of property and equipment                                     (1,500)          (7,972)
                                                                           -------------          -------

                  Net cash used in investing activities                          (1,500)          (7,972)
                                                                             -----------          -------

Cash flow from financing activities:
                                                                                       -                -


                  Net increase (decrease) in cash                                 25,118        (116,543)

Cash, beginning of quarter                                                       246,681          343,919
                                                                                --------        ---------
Cash, end of quarter                                                         $   271,799       $  227,376

                                                                             -----------       ----------
</TABLE>
<PAGE>




                               PIONEER OIL AND GAS
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                  First Fiscal Quarter Ending December 31, 2000
                                   (Unaudited)

NOTE 1 - UNAUDITED INTERIM INFORMATION

The accompanying  unaudited consolidated 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, 2000
are not necessarily  indicative of the results that may be expected for the year
ending  September  30, 2001.  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, 2000.

     (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, 2000 and the results of  operations  and cash flows
for the three month  period  ended  December  31, 2000 and 1999.  The results of
operations  for the three  months ended  December  31, 2000 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, 2000)
                            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 annual 10-KSB. 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  increased 81 percent from
$216,865 in fiscal 2000 to $393,122 in fiscal 2001.  The increase in revenue was
due to an  increase  in oil and gas sales and  royalty  income of  $70,662 or 33
percent and $105,595 in project and lease sale income. No project or lease sales
income was realized in the first quarter of fiscal 2000.

         Total oil and gas sales (including royalty revenue) increased from
$216,365  (2000) to $287,027  (2001) in the first  quarter.  This  increase  was
almost entirely due to higher product prices. Average oil prices for the quarter
increased  over the first  quarter of fiscal  2000 from $21.42 bbl to $26.98 bbl
while gas prices  increased  from $1.82 MCF to $4.20 MCF.  For the  quarter  oil
production  dropped four percent due to natural  declines and gas production was
essentially  unchanged  except that in the first quarter fiscal 2000 the Company
received  payments  on the Mamm  Creek  Unit for  production  that had been in
suspense.

         Project and lease sales  income for the  quarter  increased  from $0 to
$105,595.

         Costs of operations  increased from $95,431  (2000) to $102,019  (2001)
for the  quarter  due to  increased  upkeep  costs  associated  with the coldest
November and December on record

        General and administrative  expenses decreased slightly from $110,183 to
$110,111.

        The Company's net income for the first quarter  increased from a loss of
$66,158  for fiscal 2000 to net income of $99,105 for fiscal 2001 an increase of
$165,263.  Earnings  per share for the first  quarter of fiscal  2001 were $.01.
This compares to a loss of $.01 for the same period last year.

Liquidity and Capital Resources

         During the first quarter of fiscal 2001 net cash provided by operating
activities  was  $26,618  while  investing  activities  used  $1500 in cash.  No
financing  activities  occurred  during  the  quarter.  A major  use of cash was
$120,915 for the purchase of resale leases to increase the  Company's  inventory
of acreage for future development and sale.


<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, 2000.


                                                              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, 2001                  by: /s/ Don J. Colton
                                            -----------------------------------
                                          President and Chief Executive Officer