UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)


(Mark One)

[X]	quarterly report under section 13 0r 15(d) of the securities exchange act of 1934

For the quarterly period ended February 28, 2013

[ ]	transition report under section 13 0r 15(d) of the securities exchange act of 1934

For the transition period from _____________ to ___________

[X] quarterly report under section 13 0r 15(d) of the securities exchange act of 1934

For the quarterly period ended November 30, 2012

[ ] transition report under section 13 0r 15(d) of the securities exchange act of 1934

For the transition period from to

Commission file number 333-135743

Pioneer Exploration Inc. ~~(Exact name of registrant as specified in its charter)~~

Nevada	98-0491551
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

(Exact name of registrant as specified in its charter)

2700 Newport Boulevard, Suite 190, Newport Beach, California	92663
(Address of principal executive offices)	(Zip Code)

Nevada

(State or other jurisdiction of

incorporation or organization)

98-0491551

(I.R.S. Employer Identification

No.)

2700 Newport Boulevard, Suite 190, Newport Beach, California

(Address of principal executive offices)

92663

(Zip Code)

877-700-0422

(Registrant’s telephone number, including area code)

750 West Pender Street, Suite 202, Vancouver, British Columbia, Canada, V6C 2T7

(Former name, former address and former fiscal year, if changed since last report)

Indicate by check mark whether the registrant (1) filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the past 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.

[X] Yes [ ] No

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (s. 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

[ ] Yes [ ] No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer”, “accelerated filer” and “smaller reporting company in Rule 12b-2 of the Exchange Act.

Larger accelerated filer [ ]

Accelerated filer [ ]

Non-accelerated filer [ ]

(Do not check if a smaller reporting company)

Smaller reporting company [X]

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

[ ] Yes [ X ] No

APPLICABLE ONLY TO CORPORATE ISSUERS

State the number of shares outstanding of each of the issuer’s classes of common equity, as of the latest practicable date.

Class	Outstanding at ~~November~~February 3028, ~~2012~~2013
common stock - $0.001 par value	49,764,500

Pioneer Exploration Inc.

(A Development Stage Company)

~~November~~February 3028, ~~2012~~2013

(Unaudited)

	Index
Consolidated Balance Sheets	F–12
Consolidated Statements of Operations and Comprehensive Loss	F–23
Consolidated Statements of Cash Flows	F–34
Notes to the Consolidated Financial Statements	F–45

2F-1

Pioneer Exploration Inc.

(A Development Stage Company)

Consolidated Balance Sheets

(Expressed in U.S. dollars)

	November 30, 2012 $ (Unaudited)	August 31, 2012 $
	February 28, 2013 $ (Unaudited)	August 31, 2012 $
ASSETS
Cash	~~134~~820	202
Total Assets	~~134~~820	202
LIABILITIES AND STOCKHOLDERS’ DEFICIT
Current Liabilities
Accounts payable and accrued liabilities	~~355~~361,~~921~~924	314,331
Convertible notes payable (Note 6)	171,000	171,000
Convertible notes payable (Note 5)	196,000	171,000
Loan payable (Note 7)	29,081	29,274
Loan payable (Note 6)	28,126	29,274
Due to related party (Note 4(a))	672,319	541,553
Due to related party (Note 3(a))	290,290	541,553
Total Liabilities	1876,~~228,321~~340	1,056,158
Going Concern (Note 1)
Subsequent Event (Note 8)
Stockholders’ Deficit
Preferred Stock, 10,000,000 shares authorized, $0.001 par value No shares issued and outstanding	–	–
Common Stock, 65,000,000 shares authorized, $0.001 par value 49,764,500 shares issued and outstanding	49,765	49,765
Additional Paid-in Capital	–25,000	–
Deficit Accumulated During the Development Stage	(1,277,952)	(1,105,721)
Shares Issuable	510,250	–
Total Stockholders’ Deficit	(1,228,187)	(1,055,956)
Deficit Accumulated During the Development Stage	(1,460,535)	(1,105,721)
Total Liabilities and Stockholders’ Deficit	134	202
Total Stockholders’ Deficit	(875,520)	(1,055,956)
Total Liabilities and Stockholders’ Deficit	820	202

The Accompanying Notes are an Integral Part of These Financial Statements

F-12

Pioneer Exploration Inc.

(A Development Stage Company)

Consolidated Statements of Operations and Comprehensive Loss

(Expressed in U.S. dollars)

(Unaudited)

	For the	For the	~~Accumulated~~For ~~from~~the	For the	Accumulated from
	Three Months	Three Months	~~July~~Six ~~21, 2011~~Months	Six Months	July 21, 2011
	Ended	Ended	~~(Date of Inception)~~Ended	Ended	(Date of Inception)
	November 30,	November 30,	To November 30,
	February 28,	February 29,	February 28,	February 29,	To February 28,
	2012	2011	2012
	2013	2012	2013	2012	2013
	$	$	$	$	$
Revenue	–	–	–	–	–
Expenses
Consulting fees	1518,~~000~~940	–	6733,~~726~~940	–	86,666
General and administrative	137,~~905~~856	1,~~155~~524	2721,~~592~~761	2,679	35,448
Management fees (Note 4(b))	125,125	126,750	693,875
Management fees (Note 3(b))	126,750	153,190	251,875	279,940	820,625
Professional fees	156,~~532~~490	5527,~~857~~649	~~143~~22,~~586~~022	83,506	150,076
Rent	–	39,000	~~9,000~~–	12,000	9,000
Travel	32,~~538~~872	~~1,469~~–	216,~~681~~410	1,469	24,553
Total Expenses	~~173~~162,~~100~~908	~~188~~191,~~231~~363	~~963~~336,~~460~~008	379,594	1,126,368
Operating Loss	(~~173~~162,~~100~~908)	(~~188~~191,~~231~~363)	(~~963~~336,~~460~~008)	(379,594)	(1,126,368)
Other Expense
Other Items
Foreign exchange gain (loss)	869	2,390	(1,137)
Accretion of beneficial conversion feature	(25,000)	–	(25,000)	–	(25,000)
Net Loss and Comprehensive Loss	(172,231)	(185,841)	(964,597)
Foreign exchange gain	5,325	1,132	6,194	3,522	4,188
Net Loss Per Share – Basic and Diluted	(0.00)	(0.01)
Net Loss and Comprehensive Loss	(182,583)	(190,231)	(354,814)	(376,072)	(1,147,180)
Weighted Average Shares Outstanding	49,764,500	21,233,280
Net Loss Per Share – Basic and Diluted	(0.00)	(0.00)	(0.01)	(0.02)
Weighted Average Shares Outstanding	49,764,500	49,764,500	49,764,500	21,233,280

The Accompanying Notes are an Integral Part of These Financial Statements

F-23

Pioneer Exploration Inc.

(A Development Stage Company)

Consolidated Statements of Cash Flows

(Expressed in U.S. dollars)

(Unaudited)

	For the	For the	Accumulated from
	Three Months	Three Months	July 21, 2011
	Six Months	Six Months	July 21, 2011
	Ended	Ended	(Date of Inception)
	November 30,	November 30,	to November 30,
	February 28,	February 29,	to February 28,
	2012	2011	2012
	2013	2012	2013
	$	$	$
Operating Activities
Net loss for the period	(~~172~~354,~~231~~814)	(~~185~~376,~~841~~072)	(~~964~~1,~~597~~156,180)
Adjustment to reconcile net loss to net cash used in operating activities:
Accretion of beneficial conversion feature	25,000	–	25,000
Shares issued for services	–	–	50,000
Changes in operating assets and liabilities:
Accounts payable and accrued liabilities	4146,~~590~~445	57136,~~167~~552	~~212~~226,~~558~~413
Due to related parties	~~130~~258,~~573~~987	~~128~~238,~~250~~750	~~701~~829,~~400~~814
Net Cash Used In Operating Activities	(6824,382)	(~~424~~770)	(~~639~~24,953)
Investing Activities
Cash acquired on reverse capitalization	–	773	773
Net Cash Provided by Investing Activities	–	773	773
(Decrease) Increase in Cash	(68)	349	134
Financing Activities
Proceeds from convertible notes payable	25,000	–	25,000
Net Cash Provided by Financing Activities	25,000	–	25,000
Increase in Cash	618	3	820
Cash - Beginning of Period	202	40	–
Cash - End of Period	~~134~~820	~~389~~43	~~134~~820
Supplemental Disclosures
Interest paid	–	–	–
Income taxes paid	–	–	–

The Accompanying Notes are an Integral Part of These Financial Statements

F-34

Pioneer Exploration Inc.

(A Development Stage Company)

Notes to the Consolidated Financial Statements

For the ~~Three~~Six Months Ended ~~November~~February 3028, ~~2012~~2013

(Expressed in U.S. Dollars)

(Unaudited)

1. Nature of Operations and Going Concern

Pioneer Exploration Inc. (the “Company”) was incorporated in the State of Nevada on June 9, 2005. On October 28, 2011, the Company closed a reverse capitalization transaction with IBA Green Inc. (“IBA”), a privately-held company incorporated on July 21, 2011, under the laws of the State of Delaware (see Note 3). In accordance with the reverse capitalization, the Company issued 38,500,000 shares of common stock to the shareholder of IBA in exchange for 100% of the issued and outstanding shares of common stock of IBA.

The Company is a Development Stage Company, as defined by Financial Accounting Standard Board (“FASB”) Accounting Standards Codification (“ASC”) 915, Development Stage Enterprises. The Company’s past and planned future principal business is providing the safe disposal of waste products by creating commercially viable green products.

These consolidated financial statements have been prepared on a going concern basis, which implies the Company will continue to realize its assets and discharge its liabilities in the normal course of business. The Company has never generated revenues since inception and has never paid any dividends and is unlikely to pay dividends or generate earnings in the immediate or foreseeable future. The continuation of the Company as a going concern is dependent upon the continued financial support from its shareholders and note holders, the ability of the Company to obtain necessary equity financing to continue operations, and the attainment of profitable operations. As at ~~November~~February 3028, ~~2012~~2013, the Company has a working capital deficiency of $1875,~~228,187~~520 and has an accumulated deficit of $1,~~277~~460,~~952~~535 since inception. These factors raise substantial doubt regarding the Company’s ability to continue as a going concern. These consolidated financial statements do not include any adjustments to the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.

2. Summary of Significant Accounting Policies

a) Basis of Presentation

These consolidated financial statements and related notes are presented in accordance with accounting principles generally accepted in the United States, and are expressed in U.S. dollars. These consolidated financial statements include the accounts of the Company and its wholly owned subsidiary, IBA Green Inc., a company incorporated in the State of Delaware. All inter-company accounts and transactions have been eliminated. The Company’s fiscal year-end is August 31. ~~IBA Green Inc. is deemed to have acquired the net assets of Pioneer Exploration Inc. on October 28, 2011.~~

b) Interim Financial Statements

The interim unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and with the instructions for Securities and Exchange Commission (“SEC”) Form 10-Q. They do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. Therefore, these financial statements should be read in conjunction with the Company’s audited financial statements and notes thereto for the year ended August 31, 2012, included in the Company’s Annual Report on Form 10-K filed on December 21, 2012, with the SEC.

The financial statements included herein are unaudited; however, they contain all normal recurring accruals and adjustments that, in the opinion of management, are necessary to present fairly the Company’s financial position at ~~November~~February 3028, ~~2012~~2013, and the results of its operations and cash flows for the ~~three~~six month period ended ~~November~~February 3028, ~~2012~~2013 and ~~2011~~2012. The results of operations for the period ended ~~November~~February 3028, ~~2012~~2013 are not necessarily indicative of the results to be expected for future quarters or the full year.

~~F-4~~c) Use of Estimates

The preparation of financial statements in accordance with United States generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses in the reporting period. The Company regularly evaluates estimates and assumptions related to the recovery of financial assets, deferred income tax asset valuation allowances and fair value measurements. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected.

F-5

Pioneer Exploration Inc.

(A Development Stage Company)

Notes to the Consolidated Financial Statements

For the ~~Three~~Six Months Ended ~~November~~February 3028, ~~2012~~2013

(Expressed in U.S. Dollars)

(Unaudited)

c)2. ~~Use~~Summary of ~~Estimates~~Significant Accounting Policies (continued)

The preparation of financial statements in accordance with United States generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses in the reporting period. The Company regularly evaluates estimates and assumptions related to the recovery of financial assets, donated expenses, deferred income tax asset valuation allowances and fair value measurements. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected.

d) Cash and Cash Equivalents

The Company considers all highly liquid instruments with maturity of three months or less at the time of issuance to be cash equivalents.

e) Long-Lived Assets

In accordance with ASC 360, Property, Plant, and Equipment, the Company tests long-lived assets or asset groups for recoverability when events or changes in circumstances indicate that their carrying amount may not be recoverable. Circumstances which could trigger a review include, but are not limited to: significant decreases in the market price of the asset; significant adverse changes in the business climate or legal factors; accumulation of costs significantly in excess of the amount originally expected for the acquisition or construction of the asset; current period cash flow or operating losses combined with a history of losses or a forecast of continuing losses associated with the use of the asset; and current expectation that the asset will more likely than not be sold or disposed significantly before the end of its estimated useful life. Recoverability is assessed based on the carrying amount of the asset and its fair value which is generally determined based on the sum of the undiscounted cash flows expected to result from the use and the eventual disposal of the asset, as well as specific appraisal in certain instances. An impairment loss is recognized when the carrying amount is not recoverable and exceeds fair value.

f) Patents

Patents are stated at cost and have a definite life. Once the Company receives patent approval, amortization is calculated using the straight-line method over the remaining life of the patents.

g) Financial Instruments and Fair Value Measurements

ASC 825, Financial Instruments requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC 825 establishes a fair value hierarchy based on the level of independent, objective evidence surrounding the inputs used to measure fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. ASC 825 prioritizes the inputs into three levels that may be used to measure fair value:

Level 1 - Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities.

Level 2 - Level 2 applies to assets or liabilities for which there are inputs other than quoted prices that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data.

FLevel 3 -5 Level 3 applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities.

The Company’s financial instruments consist principally of cash, accounts payable, loan payable, amounts due to a related party and convertible notes payable.

F-6

Pioneer Exploration Inc.

(A Development Stage Company)

Notes to the Consolidated Financial Statements

For the ~~Three~~Six Months Ended ~~November~~February 3028, ~~2012~~2013

(Expressed in U.S. Dollars)

(Unaudited)

~~Level~~2. Summary ~~3 - Level 3 applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement~~ of ~~the~~Significant ~~fair~~Accounting ~~value~~Policies ~~of the assets or liabilities.~~(continued)

~~The~~g) Financial ~~Company’s~~Instruments ~~financial instruments consist principally of cash, accounts payable, loan payable, amounts due to a related party~~ and ~~convertible~~Fair ~~notes~~Value ~~payable.~~Measurements (continued)

Pursuant to ASC 825, the fair value of cash is determined based on “Level 1” inputs, which consist of quoted prices in active markets for identical assets. The Company believes that the recorded values of accounts payable, loan payable, convertible notes payable and amounts due to related parties approximate their current fair values because of their nature and respective relatively short maturity dates or durations.

Assets measured at fair value on a recurring basis were presented on the Company’s balance sheet as of ~~November~~February 3028, ~~2012~~2013, as follows:

	Fair Value Measurements Using
	Quoted Prices in	Significant
	Active Markets	Other	Significant
	For Identical	Observable	Unobservable	Balance as of
	Instruments	Inputs	Inputs	~~November~~February 3028,
	(Level 1) $	(Level 2) $	(Level 3) $	~~2012~~2013 $
Assets:
Cash	~~134~~820	–	–	~~134~~820

As at ~~November~~February 3028, ~~2012~~2013, there were no liabilities measured at fair value on a recurring basis presented on the Company’s balance sheet ~~on a recurring basis~~.

Foreign currency transactions are primarily undertaken in Canadian dollars. The financial risk is the risk to the Company’s operations that arise from fluctuations in foreign exchange rates and the degree of volatility of these rates. Currently, the Company does not use derivative instruments to reduce its exposure to foreign currency risk.

h) Income Taxes

The Company accounts for income taxes using the asset and liability method in accordance with ASC 740, Income Taxes. The asset and liability method provides that deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the financial reporting and tax bases of assets and liabilities, and for operating loss and tax credit carry-forwards. Deferred tax assets and liabilities are measured using the currently enacted tax rates and laws that will be in effect when the differences are expected to reverse. The Company records a valuation allowance to reduce deferred tax assets to the amount that is believed more likely than not to be realized.

i) Foreign Currency Translation

The Company’s functional and reporting currency is the United States dollar. Occasional transactions may occur in Canadian dollars and management has adopted ASC 830, Foreign Currency Translation Matters. Monetary assets and liabilities denominated in foreign currencies are translated using the exchange rate prevailing at the balance sheet date. Non-monetary assets and liabilities denominated in foreign currencies are translated at rates of exchange in effect at the date of the transaction. Average rates are used to translate revenues and expenses. Gains and losses arising on translation or settlement of foreign currency denominated transactions or balances are included in the determination of income.

F-6

Pioneer Exploration Inc.

(A Development Stage Company)

Notes to the Consolidated Financial Statements

For the Three Months Ended November 30, 2012

(Expressed in U.S. Dollars)

(Unaudited)

j) Comprehensive Income

ASC 220, Comprehensive Income establishes standards for the reporting and display of other comprehensive income and its components in the financial statements. During the ~~three~~six months ended ~~November~~February 3028, ~~2012~~2013 and ~~2011~~February 29, 2012, the Company had no items that represent other comprehensive income.

k) Basic and Diluted Net Income (Loss) Per Share

The Company computes net income (loss) per share in accordance with ASC 260, Earnings per Share. ASC 260 requires presentation of both basic and diluted earnings per share (EPS) on the face of the income statement. Basic EPS is computed by dividing net income (loss) available to common shareholders (numerator) by the weighted average number of shares outstanding (denominator) during the period. Diluted EPS gives effect to all dilutive potential common shares outstanding during the period using the treasury stock method and convertible preferred stock using the if-converted method. In computing diluted EPS, the average stock price for the period is used in determining the number of shares assumed to be purchased from the exercise of stock options or warrants. Diluted EPS excludes all dilutive potential shares if their effect is anti-dilutive. As at November 30, 2012, the Company had 1,208,000 potentially dilutive shares outstanding.

l) Stock-based Compensation

In accordance with ASC 718, Compensation – Stock Based Compensation and ASC 505, Equity Based Payments to Non-Employees, the Company accounts for share-based payments using the fair value method. Common shares issued to third parties for non-cash consideration are valued based on the fair market value of the services provided or the fair market value of the common stock on the measurement date, whichever is more readily determinable.

m) Recent Accounting Pronouncements

The Company has implemented all new accounting pronouncements that are in effect and that may impact its consolidated financial statements and does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations.

3. Acquisition of IBA Green Inc.

On October 28, 2011, the Company acquired 100% of IBA Green Inc. (“IBA”) in exchange for 38,500,000 shares of common stock (the “Acquisition”). IBA’s past and planned future principal business is providing the safe disposal of waste products by creating commercially viable green products.

The former shareholder of IBA held 77% of the total issued and outstanding common shares of the Company immediately following the Acquisition. The Acquisition was a capital transaction in substance and therefore has been accounted for as a reverse capitalization, which is outside the scope ASC 805, Business Combinations. Under reverse capitalization accounting, IBA is considered the acquirer for accounting and financial reporting purposes, and acquired the assets and assumed the liabilities of the Company. Assets acquired and liabilities assumed are reported at their historical amounts. These consolidated financial statements include the accounts of the Company since the effective date of the recapitalization and the historical accounts of IBA since inception.

IBA Green Inc. is deemed to be the continuing entity for accounting purposes.

F-7

Pioneer Exploration Inc.

(A Development Stage Company)

Notes to the Consolidated Financial Statements

For the ~~Three~~Six Months Ended ~~November~~February 3028, ~~2012~~2013

(Expressed in U.S. Dollars)

(Unaudited)

~~The~~2. Summary ~~assets~~of ~~acquired~~Significant ~~and~~Accounting ~~liabilities~~Policies ~~assumed from Pioneer are as follows:~~(continued)

	$
Cash	773
Accounts payable	(111,067)
Accrued liabilities	(32,296)
Convertible notes payable	(171,000)
Net liabilities assumed	(313,590)

~~4. Related~~Basic ~~Party~~and ~~Transactions~~Diluted Net Income (Loss) Per Share

aThe Company computes net income (loss) As atper ~~November~~share ~~30,~~in ~~2012~~accordance with ASC 260, Earnings per Share. ASC 260 requires presentation of both basic and diluted earnings per share (EPS) on the ~~Company~~face of the income statement. Basic EPS is ~~indebted~~computed by dividing net income (loss) available to common shareholders (numerator) by the ~~President~~weighted average number of shares outstanding (denominator) during the ~~Company~~period. ~~and~~Diluted aEPS ~~company~~gives ~~under~~effect to all dilutive potential common ~~control~~shares ~~for~~outstanding ~~$672,319~~during ~~(August~~the ~~31,~~period ~~2012~~using the treasury stock method and convertible preferred stock using the if-converted ~~$541~~method. In computing diluted EPS,~~553),~~ ~~representing~~the ~~management~~average ~~fees~~stock ~~and~~price ~~expenditures~~for ~~paid~~the onperiod ~~behalf~~is used in determining the number of shares assumed to be purchased from the ~~Company~~exercise of stock options or warrants. ~~These~~Diluted ~~amounts~~EPS ~~are~~excludes ~~unsecured,~~all ~~non~~dilutive potential shares if their effect is anti-~~interest~~dilutive. ~~bearing~~As at February 28, ~~and~~2013, ~~due~~the onCompany ~~demand~~had 1,408,000 potentially dilutive shares outstanding.

bl) ~~During the three months ended November 30, 2012, the Company incurred management fees of $125,125 (2011 - $126,750) provided by an officer of the Company.~~

~~5. Note~~Stock-based ~~Receivable~~Compensation

OnIn ~~October~~accordance ~~28,~~with ~~2011~~ASC 718, ~~the~~Compensation ~~Company~~– ~~acquired~~Stock aBased ~~CDN$100,000~~Compensation ~~non-interest~~and ~~bearing~~ASC ~~promissory~~505, ~~note~~Equity ~~due~~Based ~~May~~Payments ~~31,~~to ~~2010~~Non-Employees, asthe ~~part~~Company ofaccounts for share-based payments using the ~~Acquisition~~fair ~~transaction~~value method. AsCommon atshares ~~November~~issued ~~30,~~to ~~2012,~~third ~~the~~parties ~~Company~~for ~~has~~non-cash ~~not~~consideration ~~yet~~are ~~received~~valued ~~payment.~~based ~~The~~on ~~Company~~the ~~believes~~fair ~~ultimate~~market ~~collection~~value of the ~~amount~~services ~~receivable~~provided isor ~~not~~the ~~reasonably~~fair ~~assured~~market ~~and,~~value ~~therefore,~~of ~~has~~the ~~recorded~~common anstock ~~allowance~~on ~~against~~ the ~~balance~~measurement atdate, ~~November~~whichever ~~30,~~is ~~2012~~more readily determinable.

~~6. Convertible Notes Payable~~m)

~~a) On~~Recent ~~October~~Accounting 28, 2011, the Company assumed a $50,000 promissory note payable as part of the Acquisition transaction. The note was originally issued on November 20, 2008, and is convertible into 200,000 common shares of the Company at $0.25 per share at the holder’s option. The note is non-interest bearing, unsecured and is payable on demand.Pronouncements

~~b) On~~The ~~October 28, 2011, the~~ Company ~~assumed~~has aimplemented ~~$50,000~~all ~~promissory~~new ~~note~~accounting ~~payable~~pronouncements asthat ~~part~~are ofin ~~the~~effect ~~Acquisition~~and ~~transaction.~~that ~~The~~may ~~note~~impact ~~was~~its ~~originally~~consolidated ~~issued~~financial onstatements ~~February 19, 2009,~~ and isdoes ~~convertible~~not ~~into~~believe ~~41,667~~that ~~common~~there ~~shares~~are ofany ~~the~~other ~~Company~~new ataccounting ~~$1.20~~pronouncements ~~per~~that ~~share~~have atbeen ~~the~~issued ~~holder’s~~that ~~option.~~might ~~The~~have ~~note~~a ismaterial ~~non-interest~~impact ~~bearing, unsecured and is payable~~ on ~~demand.~~its Onfinancial ~~November~~position ~~29,~~or ~~2012,~~results ~~the~~of ~~Company renegotiated the promissory note payable (Note 6(g))~~operations.

c)3. OnRelated ~~October~~Party ~~28,~~Balances ~~2011, the Company assumed a $36,000 promissory note payable as part of the Acquisition transaction. The note was originally issued on May 15, 2009,~~ and is convertible into 20,000 common shares of the Company at $1.80 per share at the holder’s option. The note is non-interest bearing, unsecured and is payable on demand. On November 29, 2012, the Company renegotiated the promissory note payable (Note 6(g)).Transactions

During the period ended February 28, 2013, the Company agreed to issue 5,102,500 restricted shares of common stock of the Company to settle $510,250 in debt owed to the President of the Company. As at February 28, 2013, these shares have yet to be issued and the commitment was recorded as shares issuable. As at February 28, 2013, the Company is indebted to the President of the Company and a company under common control for $290,290 (August 31, 2012 - $541,553), representing management fees and expenditures paid on behalf of the Company. These amounts are unsecured, non-interest bearing, and due on demand.

During the six months ended February 28, 2013, the Company incurred management fees of $251,875 (2012 - $126,750) for services provided by an officer of the Company.

4. Note Receivable

On October 28, 2011, the Company acquired a CDN$100,000 non-interest bearing promissory note due May 31, 2010, as part of the Acquisition transaction. As at February 28, 2013, the Company has not yet received payment. The Company believes ultimate collection of the amount receivable is not reasonably assured and, therefore, has recorded a full allowance against the balance at February 28, 2013.

5. Convertible Notes Payable

On October 28, 2011, the Company assumed a $50,000 promissory note payable as part of the Acquisition transaction. The note was originally issued on November 20, 2008, and is convertible into 200,000 common shares of the Company at $0.25 per share at the holder’s option. The note is non-interest bearing, unsecured and is payable on demand.

On October 28, 2011, the Company assumed a $50,000 promissory note payable as part of the Acquisition transaction. The note was originally issued on February 19, 2009, and is convertible into 41,667 common shares of the Company at $1.20 per share at the holder’s option. The note is non-interest bearing, unsecured and is payable on demand. On November 29, 2012, the Company renegotiated the promissory note payable (Note 5(g)).

F-8

Pioneer Exploration Inc.

(A Development Stage Company)

Notes to the Consolidated Financial Statements

For the ~~Three~~Six Months Ended ~~November~~February 3028, ~~2012~~2013

(Expressed in U.S. Dollars)

(Unaudited)

d)5. OnConvertible ~~October~~Notes ~~28,~~Payable 2011, the Company assumed a $15,000 promissory note payable as part of the Acquisition transaction. The note was originally issued on May 6, 2011, and is convertible into 60,000 common shares of the Company at $0.25 per share at the holder’s option. The note is non-interest bearing, unsecured and is payable on demand. On November 29, 2012, the Company renegotiated the promissory note payable (~~Note 6(g~~continued)).

ec) On October 28, 2011, the Company assumed a $10,000 promissory note payable as part of the Acquisition transaction. The note was originally issued on July 14, 2011, and is convertible into 100,000 common shares of the Company at $0.10 per share at the holder’s option. The note is non-interest bearing, unsecured and is payable on demand.

f) On October 28, 2011, the Company assumed a $1036,000 promissory note payable as part of the Acquisition transaction. The note was originally issued on ~~August~~May 2315, ~~2011~~2009, and is convertible into ~~100~~20,000 common shares of the Company at $01.1080 per share at the holder’s option. The note is non-interest bearing, unsecured and is payable on demand. On November 29, 2012, the Company renegotiated the promissory note payable (Note 5(g)).

gd) On November 29, 2012, the Company negotiated an additional $25,000 in financing from Blue Cove Holdings Inc. (“Blue Cove”) and renegotiated several promissory notes payable entered into previously under the following terms:

On October 28, 2011, the Company assumed a~~. All~~ ~~existing~~$15,000 promissory ~~notes~~note ~~held~~payable byas ~~Blue~~part ~~Cove~~of ~~(see~~the ~~Note~~Acquisition transaction. The note was originally issued on May 6~~(b)~~, ~~(c)~~2011, and ~~(d))~~is convertible into 60,000 ~~including~~common shares of the ~~additional~~Company at $0.25~~,000~~ inper ~~financing,~~share beat ~~renegotiated~~the holder’s option. The note is non-interest bearing, unsecured and ~~converted~~is ~~into~~payable aon ~~single~~demand. ~~$126~~On November 29,~~000~~ ~~convertible~~2012, the Company renegotiated the promissory note ~~(“New~~payable (Note~~”);~~ ~~and~~5(g)).

b. The New Note will carry a conversion feature whereby each $0.25 of principal outstanding may be converted into one common share and one common share purchase warrant to purchase an additional common share at $0.25 for a period of 12 months from conversion. e)

AsOn atOctober ~~November 30~~28, ~~2012~~2011, the ~~additional~~Company assumed a $2510,000 inpromissory ~~financing~~note ~~has~~payable ~~not~~as ~~been~~part ~~distributed~~of tothe Acquisition transaction. The note was originally issued on July 14, 2011, and is convertible into 100,000 common shares of the Company at $0.10 per share at the holder’s option. The note is non-interest bearing, unsecured and is payable on demand.

On October 28, 2011, the Company assumed a $10,000 promissory note payable as part of the Acquisition transaction. The note was originally issued on August 23, 2011, and is convertible into 100,000 common shares of the Company at $0.10 per share at the holder’s option. The note is non-interest bearing, unsecured and is payable on demand.

On November 29, 2012, the Company negotiated an additional $25,000 in financing from Blue Cove Holdings Inc. (“Blue Cove”) and renegotiated several promissory notes payable entered into previously under the following terms:

All existing promissory notes held by Blue Cove (see Note 5(b), (c) and (d)), including the additional $25,000 in financing, be renegotiated and converted into a single $126,000 convertible promissory note (“New Note”); and

The New Note will carry a conversion feature whereby each $0.25 of principal outstanding may be converted into one common share and one common share purchase warrant to purchase an additional common share at $0.25 for a period of 12 months from conversion.

The New Note is non-interest bearing, unsecured and is payable on demand.

The Company evaluated the modification and determined that the lender did not grant a concession. The present value of the future cash flows of the modified debt was less than 10% different than the cash flows of the original debt, but the change in the conversion feature resulted in a change of greater than 10%; therefore, it was determined that the original and new debt instruments are substantially different. As a result, the modification was treated as an extinguishment of the debt, however no gain or loss is recognized as the fair value of the debt remains the same.

7The additional $25,000 in financing was accounted for in accordance with ASC 470-20, Debt – Debt with Conversion and Other Options. ~~Loan~~ ~~Payable~~Accordingly, the Company recognized the value of the embedded beneficial conversion feature of $25,000 as additional paid-in capital and an equivalent discount which was charged to operations as the note is due on demand.

~~At November 30, 2012, the Company owed $29,081 (CDN - $28,856) (August 31, 2012 - $29,274 (CDN - $28,856)) to a former Director of the Company~~6. ~~The~~Loan ~~loan is unsecured, non-interest bearing and due on demand.~~Payable

8At February 28, 2013, the Company owed $28,126 (CDN - $28,856) (August 31, 2012 - $29,274 (CDN - $28,856)) to a former Director of the Company. ~~Subsequent~~The ~~event~~loan is unsecured, non-interest bearing and due on demand.

Subsequent to November 30, 2012 the Company received the additional $25,000 in financing as per Note 6(g)

F-9

Pioneer Exploration Inc.

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operation.

The following discussion of Pioneer's financial condition, changes in financial condition and results of operations for the three months ended ~~November~~February 3028, 2012 should be read in conjunction with Pioneer'’s unaudited financial statements and related notes for the three months ended ~~November~~February 3028, ~~2012~~2013.

Forward Looking Statements

This quarterly report on Form 10-Q contains 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. These forward-looking statements involve risks and uncertainties, including statements regarding Pioneer's capital needs, business plans and expectations. Such forward-looking statements involve risks and uncertainties regarding Pioneer's ability to carry out its planned exploration programs on its mineral properties. Forward-looking statements are made, without limitation, in relation to Pioneer'’s operating plans, Pioneer's liquidity and financial condition, availability of funds, operating and exploration costs and the market in which Pioneer competes. Any statements contained herein that are not statements of historical facts may be deemed to be forward looking statements. In some cases, you can identify forward-looking statements by terminology such as "may", "will", "should", "expect", "plan", "intend", "anticipate", "believe", "estimate", "predict", "potential" or "continue", the negative of such terms or other comparable terminology. Actual events or results may differ materially. In evaluating these statements, you should consider various factors, including the risks outlined below, and, from time to time, in other reports Pioneer files with the SEC. These factors may cause Pioneer’s actual results to differ materially from any forward-looking statement. Pioneer disclaims any obligation to publicly update these statements, or disclose any difference between its actual results and those reflected in these statements. The information constitutes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Given these uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements.

Overview

Pioneer was incorporated in the State of Nevada on June 9, 2005.

_{IBA Green, Inc. was incorporated in the State of Delaware on July 21, 2011.}

^{Pioneer is a holding company with its sole business being the management of IBA Green's business. IBA Green is a development} stage company. IBA Green's principal business is the development and utilization of technology designed to be used in the treatment and conversion of incinerated bottom ash.

Currently, neither Pioneer nor IBA Green have any manufacturing facilities, operations, suppliers, products, or customers, nor any current means of generating revenues.

Plan of Operation

Neither Pioneer nor IBA Green have had any significant revenues generated from its business operations since inception. Management expects that the revenues generated from IBA Green's business for the next 12 months will not be enough for its required working capital. Until IBA Green is able to generate any consistent and significant revenue it will be required to raise additional funds by way of equity or debt financing.

At any phase, if IBA Green finds that it does not have adequate funds to complete a phase it may have to suspend its operations and attempt to raise more money so it can proceed with its business operations. If IBA Green cannot raise the capital to proceed it may have to suspend operations until it has sufficient capital.

To become profitable and competitive, IBA Green needs to continue to develop and advance the IBA Aggregates to a point where they can be sold commercially. To achieve this goal, Pioneer has prepared the following phases for its plan of operation for the next 12 months:

1. Phase One.

In Phase One IBA plans to (1) complete negotiations and sign contracts for the purpose of acquiring IBA's and converting the IBA 's into commercially viable products; and (2) obtain lab and office space.

IBA Green has budgeted $450,000 for this phase and expects it to take three months to complete, with completion expected within the first three months of IBA Green's plan of operation.

2. Phase Two.

In Phase Two IBA plans to (1) conduct and complete analytical laboratory testing on IBA's, including gathering and shipping the IBA samples and conducting initial characterization testing on the IBA samples; (2) develop the requisite chemistry to stabilize the IBA 's; (3) develop the IBA Aggregates and other products that are of the highest quality and represent the best use for the particular IBA; (4) begin the long-term environmental compliance testing; and (5) develop and market IBA Green's business.

The development of the IBA Green's business will consist of identifying potential viable target markets, producing a list of equipment required in the particular target markets, and identifying potential suppliers and equipment providers. Target markets will be identified based (a) the daily volume of ash produced at the generation facility and (b) the absorption market rate and price point of the product that can be manufactured.

Simultaneously, IBA Green will develop and populate its website (www.ibagreen.com) with information regarding its business and products.

IBA Green has budgeted $550,000 for this phase and expects it to take three months to complete, with completion expected within the first six months of IBA Green's plan of operation.

3. Phase Three

In Phase Three IBA plans to (1) retain production engineers and industrial engineers to design the equipment and line specification for a prototype that will convert the IBA's into IBA Aggregate or other products; (2) acquire the mechanical engineering hardware; (3) build and assemble a production prototype; and (4) further development and marketing IBA Green's business and products.

IBA Green has budgeted $500,000 for this phase and expects it to take three months to complete, with completion expected within the last six months of IBA Green’s plan of operation.

4. Phase Four

In Phase Four IBA plans to (1) set up the on-site manufacturing prototype for the conversion of the IBA's into IBA Aggregates and other products; (2) perform further testing on the IBA Aggregates and other products manufactured on-site to confirm they are the highest quality and best-use site specific to the particular IBA; (3) complete third party laboratory product testing for certification; and (4) continued development and marketing of IBA Green's business and products.

IBA Green has budgeted $2,000,000 for this phase and expects it to take three months to complete, with completion expected within the last three months of IBA Green's plan of operation.

Financial Condition

As at ~~November~~Febryary 3028, 2012, Pioneer had a cash balance of $~~134~~820. During the 12 month period following the date of this current report, management anticipates that neither Pioneer nor IBA Green will generate any revenue. Accordingly, Pioneer will be required to obtain financing in order to continue its plan of operations. Management believes that debt financing will not be an alternative for funding Pioneer's plan of operations as it does not have tangible assets to secure any debt financing. Rather management anticipates that additional funding will be in the form of equity financing from the sale of Pioneer's common stock. If Pioneer is successful in completing an equity financing, existing shareholders will experience dilution of their interest in Pioneer. However, Pioneer does not have any financing arranged and cannot provide investors with any assurance that it will be able to raise sufficient financing from the sale of Pioneer's common stock to finance the plan of operations. In the absence of such financing, Pioneer will not be able to implement its plan of operation and the business plan will fail.

In addition, management anticipates incurring the following expenses during the next 12 month period:

Management anticipates spending approximately $3,000 in ongoing general and administrative expenses per month for the next 12 months, for a total anticipated expenditure of $36,000 over the next 12 months. The general and administrative expenses for the year will consist primarily of professional fees for the audit and legal work relating to Pioneer's regulatory filings throughout the year, as well as transfer agent fees and general office expenses.

Management anticipates spending approximately $12,000 in complying with Pioneer’s obligations as a reporting company under the Securities Exchange Act of 1934. These expenses will consist primarily of professional fees relating to the preparation of Pioneer's financial statements and completing its annual report, quarterly report, and current report filings with the SEC.

Management anticipates spending approximately $500,000 on management fees over the next 12 months

As at November 30, 2012, Pioneer had cash of $134 and a working capital deficit of $1,228,187. Accordingly, Pioneer will require additional financing in the amount of $1,776,187 in order to fund its obligations as a reporting company under the Securities Act of 1934 and its general and administrative expenses for the next 12 months. 3

As at February 28, 2013, Pioneer had cash of $820 and a working capital deficit of $875,520. Accordingly, Pioneer will require additional financing in the amount of $1,884,950 in order to fund its obligations as a reporting company under the Securities Act of 1934 and its general and administrative expenses for the next 12 months.

Risk Factors

Pioneer is a smaller reporting company as defined by Rule 12b-2 of the Exchange Act and is not required to provide the information required under this item. An investment in Pioneer's common stock involves a number of very significant risks. For a general overview of some of these risk factors prospective investors should refer to the risk factors disclosed in Pioneer's Form SB-2/A filed on February 20, 2007 and Pioneer's Form 10-KSB filed on December 11, 2007.

Liquidity and Capital Resources

Cash and Working Capital

As at ~~November~~February 3028, ~~2012~~2013 Pioneer had cash of $~~134~~820 and a working capital deficit of $1875,~~228~~520,~~187~~ compared to cash of $202 and working capital deficit of $1,055,956 as at August 31, 2012. The ~~increase~~decrease in the working capital deficit was primarily due to anthe ~~increase~~Company ofagreeing ~~accounts~~to ~~payable~~settle ~~and accrued liabilities~~$510,250 ~~convertible~~in ~~notes~~related ~~payable,~~party ~~loan~~debt ~~payable~~with ~~and~~shares. ~~the~~The ~~amounts~~shares ~~due~~have yet to ~~related~~be ~~parties~~issued. Assets consisted solely of $~~134~~820 in cash and the liabilities consisted of $~~355~~361,~~921~~924 in accounts payable and accrued liabilities, $~~171~~196,000 in convertible notes payable, $2928,~~081~~126 in loan payable and $~~672~~290,~~319~~290 in due to related parties.

Pioneer will need to raise additional capital to execute its plan of operation. As described above, for the next 12 months Pioneer plans on securing contracts for the purpose of acquiring IBA's and converting the IBA's into commercially viable products, testing and stabilizing IBA, developing IBA Aggregates, designing and building production equipment, and testing and manufacturing IBA Aggregates, all at an estimated cost of $3.50 million. If Pioneer does not receive sufficient funding on a timely basis, it could have a material adverse effect on its liquidity, financial condition and business prospects. Additionally, if Pioneer receives funding, it may be on terms that are not favorable to Pioneer and its stockholders. There are no assurances that Pioneer will be able to achieve further sales of its common stock or any other form of additional financing. If Pioneer is unable to achieve the financing necessary to continue its plan of operations, then Pioneer will not be able to continue with the development of its assets, and its business will fail.

Net Cash (Used in) Provided by Operating Activities

Pioneer used net cash of $6824,382 in operating activities during the first ~~three~~six months of fiscal 2013 compared to net cash of $611 used in operating activities during the fiscal year ended August 31, 2012.

Net Cash Provided by Investing Activities

Net cash provided by investing activities was $nil for the first ~~three~~six months of fiscal 2013 compared to net cash of $773 provided by investing activities during the fiscal year ended August 31, 2012.

Net Cash Provided by Financing Activities

Net cash provided by financing activities was $~~nil~~25,000 for the first ~~three~~six months of fiscal 2013 compared to net cash of $nil provided by financing activities during the fiscal year ended August 31, 2012.

Results of Operations - ~~three~~six months ended ~~November~~ 30February 28,~~2012~~2013

References to the discussion below to fiscal 2013 are to Pioneer's current fiscal year, which will end on August 31, 2013. References to fiscal 2012 are to Pioneer's fiscal year ended August 31, 2012.

	For the	For the	~~Accumulated~~For ~~from~~the	For the	Accumulated from
	Three Months	Three Months	~~July~~Six ~~21, 2011~~Months	Six Months	July 21, 2011
	Ended	Ended	~~(Date of Inception)~~Ended	Ended	(Date of Inception)
	November 30,	November 30,	To November 30,
	February 28,	February 29,	February 28,	February 29,	To February 28,
	2012	2011	2012
	2013	2012	2013	2012	2013
	$	$	$	$	$
Revenue	–	–	–	–	–
Expenses
Consulting fees	1518,~~000~~940	–	6733,~~726~~940	–	86,666
General and administrative	137,~~905~~856	1,~~155~~524	2721,~~592~~761	2,679	35,448
Management fees (Note 4(b))	125,125	126,750	693,875
Management fees (Note 3(b))	126,750	153,190	251,875	279,940	820,625
Professional fees	156,~~532~~490	5527,~~857~~649	~~143~~22,~~586~~022	83,506	150,076
Rent	–	39,000	~~9,000~~–	12,000	9,000
Travel	32,~~538~~872	~~1,469~~–	216,~~681~~410	1,469	24,553
Total Expenses	~~173~~162,~~100~~908	~~188~~191,~~231~~363	~~963~~336,~~460~~008	379,594	1,126,368
Operating Loss	(~~173~~162,~~100~~908)	(~~188~~191,~~231~~363)	(~~963~~336,~~460~~008)	(379,594)	(1,126,368)
Other Expense
Other Items
Foreign exchange gain (loss)	869	2,390	(1,137)
Accretion of beneficial conversion feature	(25,000)	–	(25,000)	–	(25,000)
Net Loss and Comprehensive Loss	(172,231)	(185,841)	(964,597)
Foreign exchange gain	5,325	1,132	6,194	3,522	4,188
Net Loss Per Share – Basic and Diluted	(0.00)	(0.01)
Net Loss and Comprehensive Loss	(182,583)	(190,231)	(354,814)	(376,072)	(1,147,180)
Weighted Average Shares Outstanding	49,764,500	21,233,280
Net Loss Per Share – Basic and Diluted	(0.00)	(0.00)	(0.01)	(0.02)
Weighted Average Shares Outstanding	49,764,500	49,764,500	49,764,500	21,233,280

General and Administrative

General and administrative expenses are the general office and operational expenses of Pioneer. They include bank charges, filing and transfer agent fees, and website costs.

Professional Fees

Professional expenses included legal, accounting and auditing expenses associated with Pioneer's corporate organization, the preparation of its financial statements, and its ongoing reporting obligations under the Securities Exchange Act of 1934.

Foreign Exchange

Foreign exchange consists of foreign exchange gains and losses that arise from settling transactions undertaken by Pioneer in currencies other than the US dollar.

Going Concern

Pioneer has not attained profitable operations and is dependent upon obtaining financing to pursue any extensive business activities. For these reasons Pioneer's auditors stated in their report for the year-end August 31, 2012 that they have substantial doubt Pioneer will be able to continue as a going concern.

Future Financings

Management anticipates continuing to rely on equity sales of Pioneer's common stock in order to continue to fund its business operations. Issuances of additional common stock will result in dilution to Pioneer's existing stockholders. There is no assurance that Pioneer will achieve any additional sales of its common stock or arrange for debt or other financing to fund its planned activities.

Off-balance Sheet Arrangements

Pioneer has no significant off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on its financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that is material to stockholders.

Material Commitments for Capital Expenditures

Pioneer had no contingencies or long-term commitments at ~~November~~February 3028, ~~2012~~2013.

Disclosure of Contractual Obligations

Pioneer is a smaller reporting company as defined by Rule 12b-2 of the Exchange Act and is not required to provide the information required under this item.

Critical Accounting Policies

Pioneer's financial statements and accompanying notes are prepared in accordance with generally accepted accounting principles in the United States. Preparing financial statements requires Management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue, and expenses. These estimates and assumptions are affected by Management’s application of accounting policies. Management believes that understanding the basis and nature of the estimates and assumptions involved with the following aspects of Pioneer’s financial statements is critical to an understanding of Pioneer’s financial statements.

Use of Estimates

The preparation of financial statements in accordance with United States generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses in the reporting period. Pioneer regularly evaluates estimates and assumptions related to the recovery of financial assets, donated expenses, deferred income tax asset valuation allowances, and fair value measurements. Pioneer bases its estimates and assumptions on current facts, historical experience and various other factors that Management believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by Pioneer may differ materially and adversely from Pioneer’s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected.

Patents

Patents are stated at cost and have a definite life. Once Pioneer receives patent approval, amortization is calculated using the straight-line method over the remaining life of the patents.

Long-Lived Assets

In accordance with ASC 360, Property, Plant, and Equipment, the Company tests long-lived assets or asset groups for recoverability when events or changes in circumstances indicate that their carrying amount may not be recoverable. Circumstances that could trigger a review include, but are not limited to: significant decreases in the market price of the asset; significant adverse changes in the business climate or legal factors; accumulation of costs significantly in excess of the amount originally expected for the acquisition or construction of the asset; current period cash flow or operating losses combined with a history of losses or a forecast of continuing losses associated with the use of the asset; and current expectation that the asset will more likely than not be sold or disposed significantly before the end of its estimated useful life. Recoverability is assessed based on the carrying amount of the asset and its fair value that is generally determined based on the sum of the undiscounted cash flows expected to result from the use and the eventual disposal of the asset, as well as specific appraisal in certain instances. An impairment loss is recognized when the carrying amount is not recoverable and exceeds fair value.

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

Pioneer is a smaller reporting company as defined by Rule 12b-2 of the Exchange Act and is not required to provide the information required under this item.

Item 4. Controls and Procedures.

Evaluation of Disclosure Controls and Procedures

Pioneer maintains "disclosure controls and procedures," as such term is defined in Rule 13a-15(e) under the Securities Exchange Act of 1934 (the " Exchange Act"), that are designed to ensure that information required to be disclosed in Pioneer's Exchange Act reports is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission rules and forms, and that such information is accumulated and communicated to Angelo Scola, Pioneer's Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.

In connection with the preparation of this quarterly report on Form 10-Q, an evaluation was carried out by management on the effectiveness of Pioneer's disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) as of ~~November~~February 3028, ~~2012~~2013.

Based on that evaluation, management concluded, as of the end of the period covered by this report, that Pioneer's disclosure controls and procedures were not effective in recording, processing, summarizing, and reporting information required to be disclosed, within the time periods specified in the SEC rules and forms and that such information was not accumulated or communicated to management to allow timely decisions regarding required disclosure.

Changes in Internal Controls ~~overFinancial~~over Financial Reporting

As of the end of the period covered by this report, there have been no changes in Pioneer's internal controls over financial reporting during the quarter ended ~~November~~February 3028, ~~2012~~2013, that materially affected, or are reasonably likely to materially affect, Pioneer's internal control over financial reporting subsequent to the date of the last evaluation.

PART II - OTHER INFORMATION

Item 1. Legal Proceedings.

Pioneer is not a party to any pending legal proceedings and, to the best of Pioneer’s knowledge, none of Pioneer's property or assets are the subject of any pending legal proceedings.

Item lA. Risk Factors.

Pioneer is a smaller reporting company as defined by Rule 12b-2 of the Exchange Act and is not required to provide the information required under this item.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

During the quarter of the fiscal year covered by this report, (i) Pioneer did not modify the instruments defining the rights of its shareholders, (ii) no rights of any shareholders were limited or qualified by any other class of securities, and (iii) Pioneer did not sell any unregistered equity securities, with the exception of the following:

Share Purchase of IBA Green, Inc.

On October 28, 2011, the board of directors approved the Share Purchase Agreement with Angelo Scola for the purchase and sale of all of the issued and outstanding shares in the capital of IBA Green in consideration of the issuance of38.5 million restricted shares in the capital of Pioneer to Scola. For the issuance of shares to Mr. Scola, Pioneer relied upon Section 4(2) of the Securities Act of 1933. Pioneer is satisfied that it has complied with the requirements of the exemption from the registration and prospectus delivery of the Securities Act of 1933. The issuance of shares was not a public offering and was not accompanied by any general advertisement or any general solicitation. All securities issued were endorsed with a restrictive legend confirming that the securities could not be resold without registration under the Securities Act of 1933or an applicable exemption from the registration requirements of the Securities Act of 1933. See Exhibit 10.13- Share Purchase Agreement for more details.

Item 3. Defaults Upon Senior Securities.

During the quarter of the fiscal year covered by this report, no material default has occurred with respect to any indebtedness of Pioneer. Also, during this quarter, no material arrearage in the payment of dividends has occurred.

Item 4. (Removed and Reserved).

Item 5. Other Information.

During the quarter of the fiscal year covered by this report, Pioneer reported all information that was required to be disclosed in a report on Form 8-K.

Pioneer has adopted a new code of ethics that applies to all its executive officers and employees, including its CEO and CFO. See Exhibit 14- Code of Ethics for more information. Pioneer undertakes to provide any person with a copy of its financial code of ethics free of charge. Please contact Pioneer at (877) 700-0422 to request a copy of Pioneer's code of ethics. Management believes Pioneer’s code of ethics is reasonably designed to determined wrong doing and promote honest and ethical conduct; provide full, fair, accurate, timely and understandable disclosure in public reports; comply with applicable laws; ensure prompt internal reporting of code violations; and provide accountability for adherence to the code.

Item 6. Exhibits

(a) ~~Index~~ ~~to and Description of Exhibits~~

Index to and Description of Exhibits

All Exhibits required to be filed with the Form 10-Q are included in this quarterly report or incorporated by reference to Pioneer’s previous filings with the SEC. which can be found in their entirety at the SEC website at www.sec.gov under SEC File Number

333-135743.

Exhibit	Description	Status
3.1	Articles of Incorporation. filed as an exhibit to Pioneer’s registration statement on Form SB-2 filed on July 13. 2006 and incorporated herein by reference.	Filed
3.2	By-Laws filed as an exhibit to Pioneer’s registration statement on Form SB-2 filed on July 13. 2006. and incorporated herein by reference.	Filed
10.1	Property Purchase Agreement dated August 25. 2005 filed as an exhibit to Pioneer’s registration statement on Form SB-2 filed on July 13. 2006and incorporated herein by reference.	Filed
10.2	Declaration of Trust. filed as an exhibit to Pioneer’s registration statement on Form SB-2 filed on July 13, 2006. and incorporated herein by reference.	Filed
	13. 2006. and incorporated herein by reference.
10.3	Geological Report on the Pipe Claims. filed as an exhibit to Pioneer’s registration statement on Form SB-2 filed on July 13. 2006 and incorporated herein by reference.	Filed
10.3	Geological Report on the Pipe Claims. filed as an exhibit to Pioneer’s registration statement on Form	Filed
	SB-2 filed on July 13. 2006 and incorporated herein by reference.
10.4	Letter Agreement dated November 5. 2008 between Pioneer Exploration Inc. and Scott Macleod. filed as an exhibit to Pioneer’s Form 8-K (Current Report) filed on November 13. 2008. and incorporated herein by reference.	Filed
10.5	Letter Agreement dated November 5. 2008 between Pioneer Exploration Inc. and Ian McGavney filed as an exhibit to Pioneer’s Form 8-K (Current Report) filed on November 13. 2008 and incorporated herein by reference.	Filed
10.6	Share Purchase Agreement dated November 20. 2008 between Pioneer Exploration Inc. and Scott Macleod. filed as an exhibit to Pioneer’s Form 8-K (Current Report) filed on November 26. 2008. and incorporated herein by reference.	Filed
10.7	Share Purchase Agreement dated November 20. 2008 between Pioneer Exploration Inc. and Ian McGavney. filed as an exhibit to Pioneer’s Form 8-K (Current Report) filed on November 26. 2008 and incorporated herein by reference.	Filed
10.8	Promissory Note dated November 20. 2008 given to Tiger Ventures Group Ltd. by Pioneer Exploration Inc.• filed as an exhibit to Pioneer’s Form 10-K (Annual Report) filed on December 2. 2008 and incorporated herein by reference.	Filed
10.9	Promissory Note dated February 19. 2009 given to Blue Cove Holdings Inc. by Pioneer Exploration Inc.• filed as an exhibit to Pioneer’s Form 10-K (Annual Report) filed on December 10. 2009. and incorporated herein by reference.	Filed
10.10	Promissory Note dated May 15. 2009 given to Blue Cove Holdings Inc. by Pioneer Exploration Inc.. filed as an exhibit to Pioneer’s Form 10-K (Annual Report) filed on December 10. 2009. and incorporated herein by reference.	Filed


Exhibit	Description	Status
10.11	Share Purchase Agreement and Promissory Note dated November 30. 2009 between Pioneer Exploration Inc. and Skye Capital Corporation. filed as an exhibit to Pioneer’s Form 10-K (Annual Report) filed on December 10. 2009. and incorporated herein by reference.	Filed
10.12	Letter Agreement dated October 7. 2011 between Pioneer and Angelo Scola filed as an exhibit to Pioneer’s Form 8-K (Current Report) filed on October 12. 2011. and incorporated herein by reference	Filed
10.13	Share Purchase Agreement dated October 28. 2011 between Pioneer and Angelo Scola filed as an exhibit to Pioneer’s Form 8-K (Current Report) filed on November 1. 2011. and incorporated herein by reference.	Filed
14	Code of Ethics, filed as an exhibit to Pioneer's Form 10-Q (Quarterly Report) filed on Aprill6, 2008 and incorporated herein by reference.
31	Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32	Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes - Oxley Act of 2002.
99.1	Disclosure Committee Charter, filed as an exhibit to Pioneer's Form 10-Q (Quarterly Report) filed on April 20, 2009, and incorporated herein by reference.
101*	Financial statements from the quarterly report on Form I 0-Q of Pioneer Exploration Inc. for the quarter ended February 28, 2013 formatted in XBRL: (ii) the Consolidated Balance Sheets, (ii) the Consolidated Statements of Operations; and (iii) the Consolidated Statements of Cash Flows.

*In accordance with Rule 406T of Regulation S-T, the XBRL ("eXtensible Business Reporting Language") related information

is furnished and not filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, is deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, and otherwise is not subject to liability under these sections.

10.10	Promissory Note dated May 15. 2009 given to Blue Cove Holdings Inc. by Pioneer Exploration Inc.. filed as an exhibit to Pioneer’s Form 10-K (Annual Report) filed on December 10. 2009. and incorporated herein by reference.	Filed
10.11	Share Purchase Agreement and Promissory Note dated November 30. 2009 between Pioneer Exploration Inc. and Skye Capital Corporation. filed as an exhibit to Pioneer’s Form 10-K (Annual Report) filed on December 10. 2009. and incorporated herein by reference.	Filed
10.12	Letter Agreement dated October 7. 2011 between Pioneer and Angelo Scola filed as an exhibit to Pioneer’s Form 8-K (Current Report) filed on October 12. 2011. and incorporated herein by reference	Filed
10.13	Share Purchase Agreement dated October 28. 2011 between Pioneer and Angelo Scola filed as an exhibit to Pioneer’s Form 8-K (Current Report) filed on November 1. 2011. and incorporated herein by reference.	Filed
14	Code of Ethics, filed as an exhibit to Pioneer's Form 10-Q (Quarterly Report) filed on April l6, 2008 and incorporated herein by reference.	Filed
31	Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of2002.	Included
32	Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes- Oxley Act of 2002.	Included
99.1	Disclosure Committee Charter, filed as an exhibit to Pioneer's Form 10-Q (Quarterly Report) filed on April 20, 2009, and incorporated herein by reference.	Filed
101 *	Financial statements from the quarterly report on Form I 0-Q of Pioneer Exploration Inc. for the quarter ended November 30, 2012 formatted in XBRL: (ii) the Consolidated Balance Sheets, (ii) the Consolidated Statements of Operations; and (iii) the Consolidated Statements of Cash Flows.	Included

*In accordance with Rule 406T of Regulation S-T, the XBRL ("eXtensible Business Reporting Language") related information is furnished and not filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, is deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, and otherwise is not subject to liability under these sections.

SIGNATURES

In accordance with the requirements of the Securities Exchange Act of 1934, Pioneer Exploration Inc. has caused this report to be signed on its behalf by the undersigned duly authorized person.

PIONEER EXPLORATION INC.

Dated:	~~January~~April 2219, 2013
By:	/s/ Angelo Scola
Name:	Angelo Scola
Title:	CEO and CFO
	(Principal Executive Officer and Principal Financial Officer)

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