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Pilgrim Petroleum Reports EPS $0.06 for Fiscal 2007 Pilgrim Petroleum Corporation (PINKSHEETS: PGPM) (FRANKFURT: PHV) reports EPS for its Fiscal 2007. Pilgrim's Net Income for the twelve months ended December 31, 2007 was $33,725,949, resulting in (EPS) earnings per share of $0.06 for the entire year. Pilgrim's recent activities related to acquisitions, farm-outs and well reactivation program have contributed to the optimization of the company's EPS and improvement of its overall value. Pilgrim's reactivation plan has successfully put back online 35 wells. By optimizing production and increasing operational efficiency, Pilgrim will continue to generate a consistent rate of return for its shareholders. The company expects to continue this trend by keeping overhead low while expanding capital deployment over more well interests. Additionally, President and CEO, Rafael Pinedo, issued a letter to shareholders today, providing an update on the company's progress available at www.bpetroleum.com.
Rafael Pinedo, President and CEO of Pilgrim Petroleum Corporation, commented, "We are making progress with our ongoing initiatives to improve operation activities and Pilgrim's value. Given our operating progress to date, we are confident that EPS will increase progressively for fiscal 2008."
About Pilgrim Petroleum Corporation
Headquartered in Irving, Texas, Pilgrim Petroleum Corporation is a publicly traded company (PINKSHEETS: PGPM) (FRANKFURT: PHV). The company is acquiring oil and gas leases, producing properties, mineral rights and surface interest's primary on marginal fields. Once acquired, the company intends to develop each property to maximize the income from each 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.
2008 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.
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CONTACT: Pilgrim Petroleum Corporation Eddie Monet 619-864-0166 www.apetroleum.com
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nothing like the $33/share a few yrs ago....lol
TOAD ws
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or the 400+ million barrels of oil in Tex either a couple yrs ago,lol
I'm in for a few just in case,,,
T e x
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This ran biggly for a coupla days a year or two ago...but as I recall their claims of reserves were nigh unto impossible. Might be a good runner, though...
Homersbud
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quote:Originally posted by TOAD ws: or the 400+ million barrels of oil in Tex either a couple yrs ago,lol
I'm in for a few just in case,,,
lol, yup!
I'll watch tomorrow, see how this plays out.
J_U_ICE
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quote:Originally posted by T e x: This ran biggly for a coupla days a year or two ago...but as I recall their claims of reserves were nigh unto impossible. Might be a good runner, though...
May 1 2006. I remember it fondly. LOL
T e x
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I bet...anybody in early would. I came in from a job site and saw it at 500% and thought, eh, too bad--missed that one, lol. What was it %1,200 the first day, then another double the next?
Homersbud
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quote:Originally posted by T e x: I bet...anybody in early would. I came in from a job site and saw it at 500% and thought, eh, too bad--missed that one, lol. What was it %1,200 the first day, then another double the next?
Haha, yes!!! That my first big runner. 42k at 014, omg and it closes at .10 the first day, opens at .15 the next and hits .28. I nearly had a heart attack at age 22 watching this sucker
TOAD ws
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My first big runner too,,,,I grabbed about 150k * .013,,,,I remember it closing at 10 the first day like OMG then the next day was even crazier,,,,,
I remember reading that PR like it was yesterday. That day was the day my path in life changed.
could history repeat itself?????lol I'll take a few hundred %%% this time.
TOAD ws
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0027's going!
TOAD ws
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003's!
TOAD ws
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0033!
PCola77
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I need to find a way to suppress my morals once in a while... I didn't want to get in on this because it's obviously a pump that's gonna trap a lot of people later, and even though I *knew* it was going to run, I couldn't bring myself to do it...
Congrats to those that got in, and remember to take profits as you see fit!
quote:Originally posted by invester: 30m shares bought after hours. Should gap.
Those are just trades from earlier in the day. Hard to know if they are buys or dumps, but I would expect them to be dumps considering how poorly this closed.
Good luck man. I made my money earlier from 0025 - 0043.
PCola77
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Good luck investor, but I don't have a good feeling about your trade. Saw on another board that the financials are all f***ed up and the say the have like $500K in revenue but Net Income of $33 mil... Maybe I misunderstood, but if they only got $500K in revenue, how did they get anotehr $33mil+?
Also, they released essentially the same PR two weeks ago:
But now that an EPS was added in, the thing ran over 100%? I'd be wary.
PCola77
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Ha! Check this out:
From the 2007 Financials: C. Significant Event The company sold eighty percent (80%) of its’ net remaining proved undeveloped reserves in March 2007. The Company received a note receivable in the amount of $1,640,000 and received stock in the acquirer in the amount of $40,000,000.
Backtracking, I found this, from a Feb 2007 PR:
Pilgrim Petroleum Announces General Energy Corporation Signs LOI for North Texas Oil Exploration Project IRVING, Texas--(Business Wire)--General Energy Corporation today announced the completion of a Letter of Intent ("LOI") to purchase 80% Working Interest (NRI 61%) for prospective oil resources in North Texas properties with leases covering a total of approximately 12,500 acres owned by Pilgrim Petroleum Corporation (OTC: PGPM) (FWB: PHV). The transaction outlined a sale price based on Pilgrim's Net Present Value of $52.05 million. The total price equivalent for the transaction will be $41.64 million; which will be paid in cash and stock on closing. A definitive purchase agreement will be completed within 30 days.
General Energy Corporation is a direct affiliate of Pilgrim Petroleum Corporation (Pink Sheets: PGPM), lead by President and Chief Executive Officer Rafael Pinedo.
Okay, so I'm not an expert on this stuff, but it looks to me like $40million of that $33million is $40million worth of "stock" in another company that he controls that's an "affiliate", and as far as I can tell, doesn't trade anywhere. So who it's worth $40mil to is anybody's guess.
As if we didn't realize it already, this seems to be a bunch of BS.
invester
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Out at .032. I see what your saying.
PCola77
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Smart move. At 21 now
invester
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Would have been a $3300 loss. May load up in the teens.
PCola77
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Why?
invester
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For the trade. It will eventually bounce.
PCola77
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I doubt it will bounce again until their next ridiculour PR in a couple of years. Not worth holding a bag until then, IMO.
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