IRVING, Texas--(BUSINESS WIRE)--May 31, 2006-- Pilgrim Petroleum Corporation (Pink Sheets:PGPM) announced today results and explanation of Gustavson preliminary resource report, in addition to future plans to further valuate our properties. Pilgrim Petroleum's initial estimation of potential resources was based on an early or "pre-development" stage, in which estimates are restricted to volumetric calculations under predeterministic methods. According to Gustavson, Pilgrim Petroleum's portfolio of properties presents a high probability of drilling success, namely about 2 out of 3 exploratory wells are likely to discover oil or gas in amounts of 1 million barrels of oil or the equivalent in gas (4-6 BCF). Therefore, it is most likely that 4 fields (3 drilling targets on two land positions at 2/3 success) will be found. The P50 resource estimate is therefore 4 million barrels of oil equivalent. They also provided a rough estimate of approximately $10 million for the exploration/drilling campaign, through seismic, drilling and completion towards finding 4 million BOE with a market value of about $40 million. Gustavson`s preliminary report, is available at our website: www.apetroleum.com. Rafael Pinedo, CEO of Pilgrim Petroleum Corporation, commented, "Our next step is to start an economic evaluation under SEC rules, and immediately bring those values to our financial statements for the second quarter 2006, while we continue more selective acquisitions and partnerships, the value of the company is our highest priority. Pilgrim has a bright horizon. We plan to continue working with Gustavson Associates for future prospect domestic and international acquisition assessments."
Posts: 199 | From: beach, sc | Registered: Mar 2006
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heh heh. Quite a change from their original "estimation", is it not? Within the realm of "possibility" anyway. But they've had these leases since at least Aug '04. NO effort to rework old wells let alone drill new ones. Poverty Petroleum.....til May 1 anyway!
-------------------- It takes a lot of attaboys to make up for an aww chit Posts: 483 | From: OK | Registered: Aug 2005
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Own 10,500 shares at .13 so i just put in a sell for 1/2 of shares for .89 .... i think it will hit (Hitman) this morning.... will have cash in hand plus free shares.
Posts: 1101 | From: Georgia | Registered: Apr 2006
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Wait, their original estimate was 900 million barrels, the new one is 4 million and two of you are talking about how good the PR was? I won't even comment on the .89 estimate by hitman.
Am I completely missing something?
I own shares of this, so I was hoping for something big, but this sure as hell doesn't seem like good news to me.
Posts: 5508 | From: Southeastern PA | Registered: Jan 2006
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900 million was based on what the field might be able to produce, it they had never been touched. Pure volume of the hole, and in my opinion pure BS. I like the idea of 4 million this is a fairly realistic number, and it's not a bad number either
-------------------- skids are for kids Posts: 206 | From: Germany | Registered: Apr 2006
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quote:Originally posted by Hitman: Own 10,500 shares at .13 so i just put in a sell for 1/2 of shares for .89 .... i think it will hit (Hitman) this morning.... will have cash in hand plus free shares.
another one of these perfect predictions made on allstocks. you will be lucky to sell it above .10 today.
Posts: 287 | From: prague | Registered: Jan 2006
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Miss-read my numbers... however it will end up on a high.... lots of oil there so company will make money... i will take the profit today
Posts: 1101 | From: Georgia | Registered: Apr 2006
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Again, correct me if I'm wrong, but I'm seeing $40million for the market value of the oil, - $10 costs = $30million. Divided by 322720011 common shares is 9.3 cents.
Now one thing that's confusing me is the fact that they put the market value of 4million barrels of oil at $40million which would be $10 a barrel. If you say the upper end is $70/barrel it puts the price per share range at .09-.63 or so. A far cry from $33 a share, so you won't see a huge price run like earlier, but it *shouldn't* completely tank, either.
We'll see.
Posts: 5508 | From: Southeastern PA | Registered: Jan 2006
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dude..lucky to sell it above .10? This **** drops below .10 ill buy more...no ay you'll see under .10...still a good amount of oil there. Who really believed this was a $33/share stock?! This will go up. Oil is about to go through the roof. Don't be stupid bro....you guys are way to into whose right and wrong on here....see boiler room one too many times....its ****in sad
-------------------- ...i am still up thirty thousand from last time I stick it in you... - john malkavich "rounders" Posts: 98 | Registered: Apr 2006
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I hope you didn't have too much in this ArmySgt. I know you were just hoping to make a few bucks while over there, hopefully this didn't do any significant damage.
Someone should hunt down that San Diego Joe guy and kick his ass.
Posts: 5508 | From: Southeastern PA | Registered: Jan 2006
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They never specified a day in the PR, just said it would be early next week. anticipation is keepng me on the edge..
Should go back and read old posts, Ed Monet did say NLT Tuesday and I personally confirmed it with Rafael Pinhead.
Anyhow looks like we got our PR, lotta good it did.
-------------------- "It's a head game...climbing a mountain that is, 20% physical:80% mental." Posts: 104 | From: San Diego, CA | Registered: May 2006
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you guys got find something better to do. Did you really think this was gonna go to $33 today?!? Yo, they have a decent amount of oil...sit tight....its not gonna run 2000% but its still a decent stock. If you want that kinda money that quick play lotto....some of these guys here are short on the stock and want the panic selling....its a shame what goes on here...
-------------------- ...i am still up thirty thousand from last time I stick it in you... - john malkavich "rounders" Posts: 98 | Registered: Apr 2006
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Well.. looks like the bleeding slowed down... wil b heading bk to 14 b4 the day is over?
Posts: 1101 | From: Georgia | Registered: Apr 2006
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repo is still down money...newbies relax...
-------------------- ...i am still up thirty thousand from last time I stick it in you... - john malkavich "rounders" Posts: 98 | Registered: Apr 2006
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quote:Originally posted by js49886: I said they never said it in a PR... oh well your right, heh
Ok no your right, my bad, I just thought it was important that someone stands beside their word, ya know integrity, whether in a PR or not, still representative of the company. Guess that doesn't matter.
-------------------- "It's a head game...climbing a mountain that is, 20% physical:80% mental." Posts: 104 | From: San Diego, CA | Registered: May 2006
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this will see .14 again soon...this stock is still undervalued...its ****in oil....
-------------------- ...i am still up thirty thousand from last time I stick it in you... - john malkavich "rounders" Posts: 98 | Registered: Apr 2006
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-------------------- ...i am still up thirty thousand from last time I stick it in you... - john malkavich "rounders" Posts: 98 | Registered: Apr 2006
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