Pilgrim Petroleum Announces Record Income for Quarter and Increase of Potential Oil Reserves Monday May 1, 10:43 am ET
IRVING, Texas--(BUSINESS WIRE)--May 1, 2006--Pilgrim Petroleum Corporation (Pink Sheets:PGPM - News), an independent oil and gas company, announced today its plans of steadily working on increasing production in its current portfolio of leases on American Petroleum Corporation & General Energy Corp both subsidiaries and operators of Pilgrim. Based on a 12,000-acre portfolio of proven undeveloped fields in the area of Archer and Wichita County, Texas, Pilgrim Petroleum estimates very high volumes of recoverable reserves. If the whole estimated subsurface is taken into consideration when calculating the potential of recoverable oil, the estimation reveals an approximate of 900 million barrels of recoverable oil.
(Total reserves based on 12,000 productive acres 12,000 acres x 500 feet x 150 barrels per acre foot = 900 million barrels of recoverable oil)
The net effects for the valuation of Pilgrim's stock with this potential recovery can be calculated as follows:
At US$60 per barrel for proven reserves and a portfolio that generates 900 million barrels of oil, Pilgrim Petroleum can be valued conservatively at 900 million barrels x 20% net revenue interest to Pilgrim Petroleum x US$60 per barrel = $10.08 billion less $100 million net development cost = $US10.07 billion in potential assets if fully developed. Pilgrim common stock could be worth approximately: $US10.07 billion divided by 322,720,011 common shares = $33.15 per share.
Pilgrim Petroleum Corporation CEO Rafael Pinedo said: "With these projections in hand, our objectives as a firm are steadily being accomplished as well as our serious commitment to our nation's energy supply."
Safe Harbor" Statement under the Private Securities Litigation Reform Act: Statements in this news release may contain forward-looking information within the meaning of Section 27a of the U.S. Securities Act of 1993 and Section 21E of the Securities and Exchange Act of 1934, and is subject to the safe harbor created by those sections. All statements, other than statements of historical fact, are forward-looking statements that involve various risks and uncertainties, which may, individually or mutually, impact the matters described herein. There can be no assurance that such statements will prove to be accurate, and the actual results and future events could differ materially from those anticipated in such statements. The company assumes no obligation to update the information contained in this release. Readers should not place undue reliance on any forward-looking statements contained herein.
Contact: Pilgrim Petroleum Corporation, Irving Eddie Monet, 619-864-0166 Fax: 214-687-0019 www.apetroleum.comPosts: 730 | Registered: Mar 2006
| IP: Logged |
posted
lol yeah i think a few ppl noticed this when it went up over 1000% earlier yesterday. It ended the day up 809%. ppl are debating whether it will continue to go up tuesday or not.
Posts: 345 | Registered: Apr 2006
| IP: Logged |
posted
I was in & out in an hour. Letting 2500 free shares ride. If it does go to $30.00 like the press release says....yeehaaw!
Posts: 2498 | Registered: Mar 2006
| IP: Logged |
posted
Could be a good day for this one with oil testing new highs. In on this one, we shall see where it goes...
Posts: 93 | Registered: Jan 2006
| IP: Logged |
posted
Pilgrim Petroleum Corporation Announces Record First Quarter and Profitability
By BusinessWire Last Update: 5/3/2006 1:03:01 PM Data provided by
IRVING, Texas, May 03, 2006 (BUSINESS WIRE) -- Pilgrim Petroleum Corporation (Pink Sheets:PGPM), announced today it achieved record sales and profitability for the previous quarter ending March 31, 2006; over triple from last year. The Company also maintained its debt free status and increased its shareholders equity. These figures don't include the value of our Puds or Unproven Reserves, we will include these figures on the next quarter since our proven reserves are increasing daily. Today current oil price structure and its know-how and cost-effective technology will contribute to targeting new prospects with low level risks and undiscovered recoverable and unrecoverable oil by traditional technology.
Pilgrim Petroleum Corporation CEO Rafael Pinedo said: "Our financial performance for the quarter well exceeded our expectations and our previous guidance, yet we look forward to maintaining our growth for some time as oil prices increase, all the while sustaining significant profitability."
About Pilgrim Petroleum Corporation
Headquartered in Irving, Texas, Pilgrim Petroleum Corporation is a publicly traded company (PGPM). 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 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 effects 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.
2006 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.
quote:Originally posted by BuyTex: It rocketed on that May 1 PR, but barely responded to today's "record quarter" PR...suggests to me that the "$33/share" hype has been digested.
Agreed. And "triple" last years earnings!! But no figures, nada,ware de dolla amonts?? lmao. Yeh, they made $3000 dolla this year.Notice in their PR's they are pursuing "marginal" fields, with undiscovered recoverable and UNRECOVERABLE oil!!! roflmao. woof woof!! Yeh, I KNOW for a fact there are 10,000,nahhh, 100,000 bbls of unrecoverable oil directly under my house. Maybe I should sell it to them for $7 mil,right? Are these guys for real?
-------------------- It takes a lot of attaboys to make up for an aww chit Posts: 483 | From: OK | Registered: Aug 2005
| IP: Logged |
Only two news items are worth reading, with the rest being typical unassociated pump and dump site balony. News titles of interest:
Pilgrim Petroleum Corporation Announces Leases and Production Acquisition in North West Texas
Pilgrim Petroleum Corporation Announces Record First Quarter and Profitability
PGPM is a tiny company which you could buy with a personal check. This company is an "oil vulture" company which is a viable business with oil being so high priced.
An "oil vulture" company reworks abandoned oil well sites and nurse out the last few drops of oil. No major reserves are involved. This is a scavenger business; no proven reserves, no proven assets.
Management is being truthful about being debt free and increasing revenue and profits. However, care is to be given. They claim record revenues, profits and all that, but examination of their financials will disclose they are not making all that much money.
Nonetheless, there is some interest here strictly as a new company which "might" do well far into the future. Clearly odds are this company will fold in a year or two. Still, there is an outside chance they might do well.
I have not bought any PGPM stock, so far. I am tempted to afford a small stake then watch and wait for a period. Perhaps a 50,000 share buy then wait for a two or three cent upward move, sell, then continue to watch. There might be some small profit potential, short term, based on high risk speculation by buyers.
Remember, this is a tiny company, they have very little money but are debt free. This can change, for better or for worse.
My interest is this company "might" do well in two years, three years from now.
This is a pink, this is an extreme risk, odds are good you will lose money. Research and let us know what you think about PGPM.
posted
I agree, PGPM has no where to go but up overtime, small company=small money. As long as PGPM stays debt-free we all will be happy campers. Whats everyone's thoughts on STTK?
posted
I am trying to figure out total outstanding shares, currently.
Without SEC filings, this is difficult.
Outstanding Shares: 322,720,011 as of 2004-12-15
Authorized Shares: 1,000,000,000 as of 2004-12-01 Float: 89,000,000 as of 2006-05-05
A billion authorized is a negative and of concern.
Lot of volume on a daily basis suggesting there are a lot of outstanding shares or the company is selling new shares to raise capital.
For newbies, a lot of outstanding shares will dampen volality which is what is needed for short term profits in a stock like this.
Company selling of new shares tends to dilute or flatten per share prices.
Float looks good. However, there is a warning. Reported float is the amount of outstand common shares in public hands, our hands. This count does not include stock held by insiders, treasury and institutional investors. Any of those three groups could dump shares, whenever.
I tend to doubt there are institutional investors. Treasury shares are usually not a problem. However, be sure there are a lot of insider shares being held which may be sold, on a moment's notice. My guesstimation is 200 - 250 million insider shares.
There are a lot of negatives with PGPM. There are some positives. Risks are very high.
I do not agree with the title of thread and view this claim of $33 a share to be pure hype; no truth at all.
Might be a profit margin of a few cents, maybe a nickel in coming months, but odds are low.
Currently, PGPM is about half-way between recent low and recent high. My guess is prices will remain at and near today's price for now.
I also hold an opinion this stock is over-valued and prices are supported by speculation only.
There is some potential for risk takers. This is not a stock I suggest for newbies nor for conservative traders. Odds are greater you will lose money; get in, get out, wait and watch.
posted
Originally posted by Purl Gurl: "...An "oil vulture" company reworks abandoned oil well sites and nurse out the last few drops of oil. No major reserves are involved. This is a scavenger business; no proven reserves, no proven assets...." -------------------------------------------- I have to disagree on the "nurse out the last few drops" and "no major reserves are involved" comments above. Many oil wells were abondoned a few years ago (around 1997/1998) when oil dropped below $ 20 a barrel even though there may have been alot of oil left in those reserves. It just wasn't profitable to continue producing at those prices. Secondly, according to Pilgrims May 1 PR, there is a major oil reserve involved...proven but undeveloped (in their words). Part of PR below:
" ...Based on a 12,000-acre portfolio of proven undeveloped fields in the area of Archer and Wichita County, Texas, Pilgrim Petroleum estimates very high volumes of recoverable reserves. If the whole estimated subsurface is taken into consideration when calculating the potential of recoverable oil, the estimation reveals an approximate of 900 million barrels of recoverable oil..."
This is not a recommendation to buy this stock either...just an opinion of someone who has invested in this.
-------------------- "Whether you think that you can, or that you can't, you are usually right." - Henry Ford Posts: 798 | Registered: Jun 2004
| IP: Logged |
posted
purl, why are you still posting here - didn't you get stockguru's memo?
"i still believe investing is also a men's world and you see purl gurl doesn't fit in this world..just like a woman driving a car...you can compare it...we will talk next week to that woman again when the details are released! This will go above 1.5 tomorrow"
don't you have some dishes to wash, or frilly dresses to try on, or a casserole to bake?
I also elected not to engage in dialog with an obvious neandertal.
Blue, don't you dare buy PGPM. You know this is not the type of stock we usually work.
Very rare I will discuss a day trader stock because of extreme risks. Almost all lose money doing this type of trading.
What I see happening is mild pumping which might afford a free ride over one to three days. Odds are, though, money will be lost.
Another mentioned STTK. The ride is over. I cleared a handsome profit on STTK but BUT bought on one day and sold on the next day. Close call; almost lost.
This one, most likely a pump. Nonetheless, I am always looking for another ALMI type stock. There is some potential (not much) for future growth. I do not suggest this stock at all.
On proven reserves, any company can claim proven reserves. However "proven reserves" is an oxymoron. These types of reserves are guesses based on some geological surveys, past history, nearby oil fields and such; no guarantee. Proven reserves usually do not pan out. "Well, we thought there is oil down there, but, darn..."
Drilling for oil is a roll of dice. A majority of test drills fail. Many wells fail through collapse or lack of pressure. Drill bits break. Most often, cost of drilling and recovery exceed revenues leading to well capping and abandonment.
Be cautious on claims of reserves.
...until the oil is in the barrel.
This company is working abandoned oil fields. There is a good reason for those fields to be abandoned by the Big Boys.
Again, for those new to this, STAY AWAY from this stock. I am accessing risks, accessing potential for day trading, and accessing if there is truly any future potential.
There are just enough positives to catch my attention, but not enough to prompt me into jumping in without first looking, carefully.
What catches my interest is "debt free" but this might not last and probably will not.
posted
Purl Gurl: " ...This company is working abandoned oil fields. There is a good reason for those fields to be abandoned by the Big Boys..." -------------------------- They were abandoned when oil was $ 15 - $ 20 a barrel and it exceeded about $ 23/barrel to pump out of the ground. It doesn't take a $ 400 million dollar CEO to understand the math of that and cap the wells.
-------------------- "Whether you think that you can, or that you can't, you are usually right." - Henry Ford Posts: 798 | Registered: Jun 2004
| IP: Logged |
posted
Yes, Stockvaper. I am not writing the reserves are not there. I am writing to be cautious.
Think a bit. With today's oil prices, those reserves would not have been sold if decent profit potential exists. Clearly PGPM does not have much money; you and I have more.
They are not in a position to buy high yield oil fields. Those "reserves" they bought were bought at a price they can afford, which is low and suggests there are problems.
Their news also mentions a need of repair and replacement of equipment. This is costly. Those who previously owned these fields, somewhere along the line, made a decision selling the rights would be better than reopening; more profit, or losses cut, by selling mineral rights. This indicates caution.
This company reminds me a bit of BSIC years back, which I suggested to readers here, at .25 per share. Today BSIC is around 2.50 per share, for a ten bagger profit.
PGPM is a little like BSIC; debt free and just starting out. However, BSIC started out with several million in capital and producing reserves. PGPM does not have capital, but does have some production but nothing major.
PGPM does not have as much potential as BSIC but there is some potential.
There is another cautionary note. BSIC never hyped their company and was also short on news, but eventually people caught on.
PGPM is hyping a lot which concerns me.
PGPM is worth discussing and readers are interested in opinions of others, as I am.
quote:Originally posted by Purl Gurl: Blue, don't you dare buy PGPM. You know this is not the type of stock we usually work.
eh don't worry - i'm pretty much a chicken, and am mainly holding funds aside now for others i really like in case they have any dips.
a pretty disappointing few days for allstocks in general with all the crap floating around - strikes me that i'm really in the wrong place here. this is really a pink and micro runner pump-N-dump daytraders board, not a long-term growth and value searching and discussion board. not that there's anything wrong with being a daytrader - keithsan was great at it for example. it's just not a fit to my interest level. and i freely admit that the stocks i'm interested in, are mostly too boring and long-term for others here to develop an interest in.
imho i must admit, signal to noise ratio really is getting pretty low at allstocks too, especially with many good posters like keithsan and glass rarely or ever posting anymore.
i've stuck around and will stick around here mainly because i really enjoy our back and forth banter, purl, and also because of some other posters i enjoy discussing stocks with like for example vg and BuyTex.
in terms of "fitting in on a board" and matching up interests though, honestly there are several other boards on IHub that really are a whole lot better match for my interest level. actual intelligent discussion goes on there, and the kind of sh!t and stupid personal attacks frequently on display lately at allstocks would simply never be tolerated.
Posts: 1698 | Registered: Mar 2004
| IP: Logged |
"i enjoy discussing stocks with like for example vg and BuyTex."
Don't you be listening to Tex! He is one crazy cowboy who eats horny toads and has an even wilder uncle, forget his name, Henry or similar.
VG, well, we all know about him.
"...and the kind of sh!t and stupid personal attacks frequently on display lately at allstocks would simply never be tolerated."
Hmm, yeah, a bit more Raging Bull types, certainly.
There is a benefit. Those who engage in that type of balony, you know cannot be trusted! Makes it easy to skip over articles you know are worthless or are not trustworthy, based on a moniker.
Laser keyboards! GO IBZT!!! Got Raven Moon?
I am a member at I-Hub but frequently get into trouble there as here, and just about everywhere! Readers do not like realistic people.
You will like this board. I am not a member but I read all articles there, four or five times a day. Very serious discussions but you still need a grain of salt, sometimes.
There is some CLSI news out today. Prompted a lot of volume but no movement in price. Interesting and I look forward to finding out if these electric carts will improve their bottom line. Those type of carts are truthfully quite popular with city and state types.
Adding electric carts, like bicycle racks and pay-by-phone is a natural for CLSI and their parking lot services.
If so, will repeat my offer--any questions you guys have, ideas for pix, etc--just let me know. If these guys are playing snooker, they picked the wrong part of the country, lol. I will be happy to go to Irving and pull the double throw-down.
posted
buytex instead of going to irving, why not go to wichita falls or archer city and look at some of thier properties to see if they have had recent production, a lot of oil comes from those two counties. yjeu are about 125 miles north of you i think.
i can do that...recently did a neon install in that neck o' the woods.
[ May 09, 2006, 00:20: Message edited by: BuyTex ]
-------------------- I'm from Missouri - Show Me! Posts: 950 | From: Middle of Nowhere, Missouri | Registered: May 2006
| IP: Logged |
posted
Purl Gurl why do you have to hate on everyone's picks? Why dont you just do your own DD and find your own companies, Huh? Huh? If you think you know what your talking about then show us. What companies do you see doing well this month huh?
quote:Originally posted by iowaboy21: Purl Gurl why do you have to hate on everyone's picks? Why dont you just do your own DD and find your own companies, Huh? Huh? If you think you know what your talking about then show us. What companies do you see doing well this month huh?
gggeeeee! registered in May (a whole 8 days),14 posts,and already 4 stars!!!....lmao..rof!! woooff wwoooofffff! And Purl "thinks" she knows whats she's talking about because...she does!!AND..she DOES dd. Posting pink POS bravo sierra PR's is NOT dd, shorthorn! Purl has posted some great picks here.What cha think BuyTex, one of Momo's gollums? I think so, I dont trust him, on the attack too quick. Consider: 35 years in the 'patch, I've NEVER heard or read a petroleum engineer or geologist refer to reserves or pay in "acre/feet"! NEVER!!Do those yorkies in Irving think (like my old granny) that oil is found in a 12,000 acre lake underground,like a city water reservoir? And all ya hafta do is dip yer 'hose' in it and suk it out! lmao.Doesnt work that way, not even offshore. Rock has VOLUME. Even at 20% porosity (very high), that means 80% of their 500' thick 12,000 acre reservoir is NOT oil.Cuts their 'acre/feet' by 80%. Oil fields are not continuous, uninterupted pay. Go to their website(VERY professional by the way) READ the National Assessment of Oil & Gas Fact Sheet they have there. They estimate 98.5 million barrels of oil for the 60 county study area (yes, SIXTY COUNTIES). And Pilgrim has 1 billion in their little leases in two counties that have been drilled,explored & produced for over 80 years!! lmao. And they are reworking old stripper wells!!!!roflmao. I dont believe it for a second. But, thats jmho.I emailed the acre/feet PR to some friends at Marathon & Chesapeake, mistake. I'll never hear the end of it now. They roared with laughter. sigh Seems 'oil' is the 'in' thing for pinks now, breathlessly announcing that they are changing their business model from widgets to OIL!!!! or GOLD!!!! And overnite at that. By the way,I thought the purpose of Allstocks was to post dd,help with dd and dis-cuss stocks. If you dont like what you read about 'your' stock, dont read it. As for this piece of crapioca pudding, its a POS scam in my opion. Daytrade only. NOT a long or for the inexperienced. It was flatline-dead-no heartbeat till the 'promotion'. I received e-mails about it several weeks ago. Doesnt mean you cant make money,just dont drag the noobs(like me) into it thinking its for real. It ain't.
-------------------- It takes a lot of attaboys to make up for an aww chit Posts: 483 | From: OK | Registered: Aug 2005
| IP: Logged |
UBBFriend: Email this page to someone!
Printer-friendly view of this topic
![[Frown]](frown.gif)
