-------------------- "Fear is the path to the Dark Side. Fear leads to anger; anger leads to hate; hate leads to suffering. I sense much fear in you." —Yoda
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"The largest producer of oil and gas in the United States,Texas leads the world in the use of natural carbon dioxide(CO2) for enhanced oil recovery (EOR). Texas has bothtremendous oil reserves and currently unrecoverable oilresources that could be unlocked by CO2. With a newsource of captured CO2 to produce the oil, geologistsestimate that potentially 5.7 billion barrels of oil in Texas and 8.5 billion barrels of oil throughout the southern region of the United States could be recovered."
Are you telling me that PGPM (900m barrels, 1st page) owns 1/6 of the whole Texas's oil reserves?
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"The largest producer of oil and gas in the United States,Texas leads the world in the use of natural carbon dioxide(CO2) for enhanced oil recovery (EOR). Texas has bothtremendous oil reserves and currently unrecoverable oilresources that could be unlocked by CO2. With a newsource of captured CO2 to produce the oil, geologistsestimate that potentially 5.7 billion barrels of oil in Texas and 8.5 billion barrels of oil throughout the southern region of the United States could be recovered."
Are you telling me that PGPM (900m barrels, 1st page) owns 1/6 of the whole Texas's oil reserves?
Perhaps even more than 1/6. This info states that PGPM is sub contracted to drill/pump in 5/12's of Texas' districts. Retrieved from PGPM's website, read below:
"American Petroleum Corp is an operator company and it is subsidiary of Pilgrim Petroleum for the purpose of providing well management services to small producers throughout the State of Texas. American Petroleum is a bonded and approved operator with the State of Texas and currently has more than 200 wells under management. American Petroleum operates wells in 5 out of 12 Districts in the State of Texas, where it provides a variety of operational services on a menu-type fee basis. Services include Basic Accounting, Land Administration, Regulatory Consulting and Reporting, Engineering, Environmental, Pumping and Drilling Supervision and Marketing. American Petroleum implements these services through a vast network of sub-contractors and consultants, thereby minimizing the staffing requirements to maintain a large operation. All sub-contract costs are passed through to the producer on a cost-plus basis. AP's compounded growth rate and positioning affords the Company to capitalize on acquisitions in strategic areas of interest and therefore creating more opportunities for investors to participate.
American Petroleum Goals The Company seeks to minimize its overhead and capital expenditures by subcontracting the drilling, redrilling and workover of wells to independent drilling contractors and by outsourcing other services. The Company typically compensates its drilling subcontractors on a turnkey (fixed price), footage or day-rate basis depending on the Company's assessment of risk and cost considerations on each individual project. The Company continues to seek strategic alliances with service and equipment companies, technological companies, and industry partners to maximize every dollar invested and diversify our risk."
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looks like trading has slowed down. lot of sellers around today, but thats ok because it didnt tank. this will be good, i picked up some at .14 in anticipation of good things too come. oil is so hot. this held up much better then i thought. ill buy more if it dips but i expect another move up tomorrow in anticipation for next week.
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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.
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here's a question for you guys... why is the contact phone # on the bottom of the pr that just came out from san diego? i live in dallas next door to irving, their area code is 972.
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"over triple from last year" "These figures don't include the value of our Puds or Unproven Reserves" Key items here, goes much higher IMO
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has anyone read the quarterly report? they have indeed increased earnings buy three times, from 40 thousand and some change in the last quarter to a whopping 130 thousand and some change, no mention in the report about 900 million barrels of reserves, does say they have 576 thousand barrels of proved undeveloped reserves. valueded at 1.4+ mil$, take your profits!!
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PGPM - PILGRIM PETROLEUM CP (OTC) Date Open High Low Last Change Volume % Change 05/03/06 0.1950 0.2100 0.1300 0.1500 -0.0100 12664302 -6.25%
Composite Indicator -- Signal -- -- Strength -- -- Direction -- Trend Spotter (TM) Buy Maximum Strongest
Short Term Indicators 7 Day Average Directional Indicator Buy Maximum Strengthening 10 - 8 Day Moving Average Hilo Channel Buy Maximum Strongest 20 Day Moving Average vs Price Buy Maximum Strongest 20 - 50 Day MACD Oscillator Buy Maximum Strongest 20 Day Bollinger Bands Buy Maximum Strongest
Short Term Indicators Average: 100% - Buy
Medium Term Indicators 40 Day Commodity Channel Index Buy Maximum Strengthening 50 Day Moving Average vs Price Buy Maximum Strongest 20 - 100 Day MACD Oscillator Buy Maximum Strongest 50 Day Parabolic Time/Price Buy Maximum Strongest
Medium Term Indicators Average: 100% - Buy
Long Term Indicators 60 Day Commodity Channel Index Buy Maximum Strengthening 100 Day Moving Average vs Price Buy Maximum Strongest 50 - 100 Day MACD Oscillator Buy Average Strongest
Long Term Indicators Average: 100% - Buy
Overall Average: 100% - Buy
-------------------- The difference between genius and stupidity is that genius has its limits
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financials and numbers coming soon?...DDSI and PGPM are gonna bump heads, have to figure out what im gonna do...
-------------------- "Fear is the path to the Dark Side. Fear leads to anger; anger leads to hate; hate leads to suffering. I sense much fear in you." —Yoda
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