Pilgrim Petroleum Reports Strong First Quarter 2007 Financial Results and Profitability Wednesday April 25, 12:51 pm ET
IRVING, Texas--(BUSINESS WIRE)--Pilgrim Petroleum Corporation (Pink Sheets: PGPM - News); (FWB:PHV) today reported financial results for the first quarter ended March 31, 2007. ADVERTISEMENT
During the first three months ended March 31, 2007, Pilgrim's Net Income was $34,216,749 compared with $97,926 last year, an increase due to the sale of 80% of its North Texas working interests. The company still maintains its "No Debt" condition, keeping focus on its obligations solely to its stockholders. Despite of oil prices fluctuations, Pilgrim's recent acquisitions, sales of working interests and well reactivation program, have contributed to optimize and increase the company's EPS and overall value. Its Financial Statements are available at http://www.pinksheets.com/quote/finance.jsp?symbol=PGPMwww.bpetroleum.com
Additionally, during April 25-26, American Petroleum Corporation, a Pilgrim's Subsidiary, will be present at the 77th Annual Meeting & Texas Petroleum Expo organized by the Texas Alliance of Energy Producers in Wichita Falls, Texas.
Rafael Pinedo, President and CEO of Pilgrim Petroleum Corporation, commented, "Pilgrim's 2007 first quarter financial results put in place solid foundations to maintain its growth and profitability on operational and financial performance."
About Pilgrim Petroleum Corporation
Pilgrim Petroleum Corporation (Pink Sheets: PGPM - News; FWB:PHV) is an independent oil and gas company based in Irving, Texas. The company is acquiring oil and gas leases, producing properties, mineral rights, and surface interests primary on marginal fields. Once acquired, the company intends to redevelop each property to maximize the income from each property by refurbishing and improving the existing production.
Forward-Looking Statements: The statements which are not historical facts contained in this release are forward-looking statements that involve risks and uncertainties, including but not limited to, the effect of economic conditions, the impact of competition, the results of financing efforts, changes in consumers' preferences and trends. The words "estimate," "possible," and "seeking" and similar expressions identify forward-looking statements, which speak only to the date the statement was made. The Company undertakes no obligation to publicly update or revise any forward-looking statements, because of new information, future events, or otherwise. Future events and actual results may differ materially from those set forth herein, contemplated by, or underlying the forward-looking statements.
2007 Pilgrim Petroleum Corporation. The information herein is subject to change without notice. Pilgrim Petroleum Corporation shall not be liable for technical or editorial errors or omissions contained herein.
Contact: Pilgrim Petroleum Corporation Eddie Monet, 619-864-0166 www.apetroleum.com
-------------------------------------------------------------------------------- Source: Pilgrim Petroleum Corporation
Posted by js49886 on :
Wow they've actually bought back some shares. Outstanding Shares: 358,400,320 as of 2007-01-12
As of today "344,520,012 shares issued and outstanding"
"Reserves The company as of March 31, 2007 had a NPV of $6,000,000 in estimated net remaining proved undeveloped reserves of 800,000 barrels valued at $60.00 per barrel less an estimated $2,000,000 cost to recover."
Only $2m to recover instead of $10m. Wonder if they will do it.
Posted by TruthLiesWithin on :
I guess it doesn't matter that there is 25 topics on PGPM already, and that I got chastised for starting a new one a month ago..
Anyways, the sale is good news, puts a larger dollar figure in their books. What they actually do with the money will be interesting.
Posted by TruthLiesWithin on :
Still amazed no one is paying attention to this one...
Been holding steady now, and probably ready for a return to the .10-.12 range where it once was with no news.
And I still see the other oil pinks being talked about...just not this one...
Posted by Hitman on :
Pilgrim Petroleum to Become Fully Reporting Company Thursday July 26, 10:07 am ET
DALLAS, TX--(MARKET WIRE)--Jul 26, 2007 -- Pilgrim Petroleum Corporation (Other OTC:PGPM.PK - News) (Frankfurt:PHV.F - News) is pleased to announce preparations of a 10-SB SEC filing in order to become a fully reporting issuer under the Securities Exchange Act of 1934, as amended. This filing, once cleared, will also allow the company to eventually apply with the NASD for listing on the OTCBB and it will allow market makers to display proprietary quotations to create more liquid, efficient and competitive secondary trading with decreased volatility. This will be clearly beneficial for Pilgrim and investors. Q3 2007 started with a comprehensive business review, in which Pilgrim will put in motion a series of initiatives to revitalize the Company. These initiatives, designed to enhance the efficiency of the organizational structure, will support a better-disciplined business development process, increase operating margins and improve the Company's production levels and cost-effectiveness. Its Financial Statements are available at http://www.pinksheets.com/quote/finance.jsp?symbol=PGPM or its website: www.bpetroleum.com.
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Rafael Pinedo, President and CEO of Pilgrim Petroleum, commented: "By becoming a 'fully reporting' company and up-listing to the OTCBB, Pilgrim will become much more trustworthy in the financial markets and it will increase investor confidence as a result of our commitment. Pilgrim is prepared to formally take these steps. Once listed in the bulletin board, the company will be exposed to a broader base of investors and sophisticated financial institutions."
The company, which currently has a book value per share of $0.10 based on 344,520,012 shares outstanding, is ready to continue its acquisition plan to add more properties with proven reserves to its asset portfolio. This is one of the series of initiatives the company will set in motion to revitalize its oil and gas production levels and revenues.
About Pilgrim Petroleum Corporation.
Posted by pepa z depa on :
quote:Originally posted by TruthLiesWithin: Still amazed no one is paying attention to this one...
Been holding steady now, and probably ready for a return to the .10-.12 range where it once was with no news.
And I still see the other oil pinks being talked about...just not this one...
everyone remeber their fake PR last year. It made ****load of money to many people 2000% runner in 2 days.
Posted by Hitman on :
Yep ... I remember .... the fakes dont work now so Im holding out for a real thing if they have one .... Will know for real when they get the uplisting .... then it will POP