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» Allstocks.com's Bulletin Board » Micro Penny Stocks, Penny Stocks $0.10 & Under » PGPM..HUGE ALERT..LOOK AT THE PR JUST OUT! (Page 72)

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Author Topic: PGPM..HUGE ALERT..LOOK AT THE PR JUST OUT!
madOIL
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Business Editors / Energy Editors

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."

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ArmySGT
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where did you find this? nice find
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Stockstar69
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PR looks good! Nice how they explain the assumptions on the success rates.
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OILDOG
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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!

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It takes a lot of attaboys to make up for an aww chit

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Hitman
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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.
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PCola77
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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.

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gfinney
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Any Level 2 action?
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hawkdriver
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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

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skids are for kids

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sportsguy
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And back under .10 we go...
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PCola77
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L2
bid 3x .1
ask 1x.11
1x.14
1x.16

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pepa z depa
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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.

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Hitman
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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
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PCola77
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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.

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acemidland
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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

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...i am still up thirty thousand from last time I stick it in you... - john malkavich "rounders"

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jagman925
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Who the heck just took a big dump?
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js49886
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lots of panic selling

--------------------
"Money, so they say
Is the root of all evil today."

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PCola77
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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.

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ballyman
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quote:
Originally posted by js49886:
relax, lol.

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.

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"It's a head game...climbing a mountain that is, 20% physical:80% mental."

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letitrideboy
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way below .10 now :-) WEEEEEEEEEEEEEEEEE

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let it ride!!!

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js49886
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I said they never said it in a PR... oh well your right, heh

--------------------
"Money, so they say
Is the root of all evil today."

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lostone
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WTF!?!?!?! omg..
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lostone
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wow.. at least one of us is making money.. REPO! lol can't believe it..

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lostone

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acemidland
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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...

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...i am still up thirty thousand from last time I stick it in you... - john malkavich "rounders"

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Hitman
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Well.. looks like the bleeding slowed down... wil b heading bk to 14 b4 the day is over?
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acemidland
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repo is still down money...newbies relax...

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...i am still up thirty thousand from last time I stick it in you... - john malkavich "rounders"

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ballyman
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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.

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"It's a head game...climbing a mountain that is, 20% physical:80% mental."

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js49886
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I think anyone who really thought it would got to $33, even $2 range within a day needs their head checked.

--------------------
"Money, so they say
Is the root of all evil today."

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acemidland
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this will see .14 again soon...this stock is still undervalued...its ****in oil....

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...i am still up thirty thousand from last time I stick it in you... - john malkavich "rounders"

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js49886
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freaking bid is rebounding?

--------------------
"Money, so they say
Is the root of all evil today."

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pennyaddict71
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I got 100,000 shares at .09.... thanks for the panic selling guys!
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Hitman
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Will buy 10,000 more if it goes to .08
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acemidland
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im in * .09 as well....suckers...

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...i am still up thirty thousand from last time I stick it in you... - john malkavich "rounders"

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PCola77
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How is he down money? He shorted at .14. Seems to me that he's up 50%. You have no credibility left, if you had any in the first place.

quote:
Originally posted by acemidland:
repo is still down money...newbies relax...


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js49886
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430k buy * .09

--------------------
"Money, so they say
Is the root of all evil today."

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hawkdriver
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I know penny, I love panic sells, they are always where the profit is, got $6K at .075 and this should make for a nice day.

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skids are for kids

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