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any guesses, FPPL and PGPM both had great runs when they opened up last time - please feel free to add any other micros that might run with oil rebounding
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Pilgrim Petroleum Reports 2006 Year End Financial Results, Record Revenues and Net Income Friday February 2, 3:45 am ET
IRVING, Texas--(BUSINESS WIRE)--Pilgrim Petroleum Corporation (PINK SHEETS: PGPM - News; FWB: PHV) is pleased to announce its financial results for the fiscal year ended December 31, 2006. Exceeding expectations, Pilgrim's Net Revenues for the year totaled $1,471,507 as compared with $150,544 in 2005, an increase of more than 800%. Net Income was $516,814 compared with $38,601 last year, an increase of more than 1000%. Annualized return on average assets was 43.2% and return on average equity was 47.6% for the year ended December 31, 2006. Additional highlights and current financial ratios are the following:
Net Profit Margin=35%. Pilgrim's management demonstrates its competitive edge by its cost structure control. Still the company maintains its "No Debt" condition, keeping focus on its obligations solely to its stockholders. Results of prospective resources are: Low-3.98 BCF, 996 MBbl; Best-7.32 BCF, 1,832 MBbl; and High-10.70 BCF, 2,676 MBbl. Pilgrim's Estimated Future Net revenue (before income taxes) is $102,370,000 and a Net Present Value at 10% discount rate of $52,050,000. Rafael Pinedo, President and CEO of Pilgrim Petroleum Corporation, commented, "2006 Results exceeded our expectations across the board, Pilgrim Petroleum is a young, fast growing company with great potential. These figures show record achievements in just one year. With this strong start, Pilgrim is committed to continue its growth pace and development of its properties for the new fiscal year. Approval of the company's buyback program, indeed reflects not only our strong belief that Pilgrim's stock is undervalued, given our current reserve prospect and economic evaluation, but also our commitment to shareholder's wealth maximization. Our next step is focused on our audited financial statements and SEC filings as well as management's update to shareholders about its 2007 Strategic Plan/Business Outlook and Exploration Program."
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