posted
Pilgrim Petroleum Corporation Announced Today Financial Analysis and Considerations Business Wire - May 31, 2006 13:59
IRVING, Texas, May 31, 2006 (BUSINESS WIRE) -- Pilgrim Petroleum Corporation (Pink Sheets:PGPM) announced today financial analysis and considerations on the profitability of developing the 4 million BOE by spreading the exploitation of 4 million barrels with an average of $65 per barrel of oil in 4 years. Based on these Gustavson's report assumptions and NPV analysis we have the following:
With the assumption of an initial investment of $10 million and potential cash inflows of $65 million (assuming 1 million BOE per year at $65 oil price) then our PV at a discount rate of 10% would be $206,043,500, meaning a positive NPV of $196,037,000.
(Initial Investment = $10,000,000) Inflows = $65,000,000 r = 10% --- (Factor of 3.1699) n = 4 years PV = $206,043,500 NPV = $196,037,000
A complete economic report and company valuation is on progress, based on the above analysis and will be part of the audit required for our SEC filing.
Rafael Pinedo, CEO of Pilgrim Petroleum Corporation, commented, "These additional inflows will definitely make a direct impact in the fair value of the company and should bring the value of our stock up considerably, without considering variables like oil prices, new acquisitions and partnerships, etc."
-------------------- He who dies with the most toys Wins!!! Posts: 65 | From: Richmond, VA | Registered: May 2006
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Their doing it again. They only have 20% of the 4 million bbls. About 800,000 bblsX$65=$52 million. About .052/share. Pretty close to what Gustavson said.And thats before costs mentioned before are taken out. Maybe 3 wells per reef, 913 bbls per day to do 1 million bbls in a year. Preeetttyyy high! And, they gotta drill em FIRST!!!! Walk the walk or dont talk the talk Pinedo!!!!!I wouldnt trust your evaluation!!I love how they do these calculations for us,get the price up while doing nothing. wwwooooooffff!
-------------------- It takes a lot of attaboys to make up for an aww chit Posts: 483 | From: OK | Registered: Aug 2005
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BANG!!!Slam my head on the desk!! Just didnt dawn on me Gustavsons $10/bbl valuation!!! Thats what oil is worth IN THE GROUND!!! Read recently on MSN it is close to $40/bbl to GET IT OUT. They expect close to $44 by next year. Rising costs of everything. So,new calcs: 800,000 bblsX $25 "profit"= $20 million /1,000,000,000 shares= .02/share. uh,ooops. doh!!
-------------------- It takes a lot of attaboys to make up for an aww chit Posts: 483 | From: OK | Registered: Aug 2005
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bellwetherreport.com: The Bellwether Report take time to Dig a Little Deeper into Pilgrim Petroleum Corporation via COMTEX
May 31, 2006
May 31, 2006 (M2 PRESSWIRE via COMTEX News Network) --
Pilgrim Petroleum Corporation (OTCPK:PGPM), is a company that our research team will be tracking over the ensuing weeks. They recently came out with a significant corporate development, causing a market stir. The BWR Research Team will continue to bring its subscribers cutting edge research tools, and second to none customer service.
Pilgrim Petroleum Corporation an independent oil and gas company, this morning announced an exclusive contract with Basic Energy Services Basic Energy, headquartered in Midland, Texas, is the nation's third largest well servicing contractor providing well repair, workover and completion services.
Effective today, Basic Energy will be providing general services on approximately 20 to 60 wells on four of our more important leases (Hooks, Lockrige, Climax, Morgan) and the reactivation of the White Meldon lease. We would like to increase our current production with an additional up to 60 currently non-operated wells. This will create extraordinary revenue income, in addition to increasing our proven reserves in a short amount of time.
This morning the company announced 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."
Following this announcement Pilgrim Petroleum Corporation shares took a dive as they fell over 35% on huge volume as investors unloaded shares in hopes of finding better opportunities. Pilgrim is a great opportunity as they are still very fresh and have a lot of potential for a significantly successful future, as they currently only trade for $0.09.. The BWR Research Team will continue to follow the market sentiment on this company and numerous others.
To review research on small cap companies like Pilgrim Petroleum Corporation, as well as many more exciting articles we encourage you to visit www.bellwetherreport.com. You can find these reports under the "Today's Articles" section. No credit Card Needed!!
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posted
Pilgrim Petroleum Corporation Announced Today Financial Analysis and Considerations IRVING, Texas, May 31, 2006 (BUSINESS WIRE) -- Pilgrim Petroleum Corporation (Pink Sheets:PGPM) announced today financial analysis and considerations on the profitability of developing the 4 million BOE by spreading the exploitation of 4 million barrels with an average of $65 per barrel of oil in 4 years. Based on these Gustavson's report assumptions and NPV analysis we have the following:
With the assumption of an initial investment of $10 million and potential cash inflows of $65 million (assuming 1 million BOE per year at $65 oil price) then our PV at a discount rate of 10% would be $206,043,500, meaning a positive NPV of $196,037,000.
(Initial Investment = $10,000,000) Inflows = $65,000,000 r = 10%
--- (Factor of 3.1699) n = 4 years PV = $206,043,500 NPV = $196,037,000 A complete economic report and company valuation is on progress, based on the above analysis and will be part of the audit required for our SEC filing.
Rafael Pinedo, CEO of Pilgrim Petroleum Corporation, commented, "These additional inflows will definitely make a direct impact in the fair value of the company and should bring the value of our stock up considerably, without considering variables like oil prices, new acquisitions and partnerships, etc."
About Pilgrim Petroleum Corporation
Headquartered in Irving, Texas, Pilgrim Petroleum Corporation is an independent oil and gas company. 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 redevelop each property to maximize the income from each property 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.
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.
SOURCE: Pilgrim Petroleum Corporation
Pilgrim Petroleum Corporation, Irving Eddie Monet, 619-864-0166 Copyright Business Wire 2006
Posts: 317 | From: Iraq | Registered: May 2006
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sorry thought i just posted something new... damn cluttering up the board now, so frustrated
gonna hold it and see what it will do in the upcoming days. How the F did I just get his with NSF if I had all the money in my cash account accounted for????? how the hell does that work??
Posts: 317 | From: Iraq | Registered: May 2006
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It gives you a warning when you go to make a trade with unsettled funds, just so your aware... only have to worry if you try selling with unsettled funds. Must not be clear yet.
-------------------- "Money, so they say Is the root of all evil today." Posts: 228 | From: NE, PA | Registered: Mar 2006
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what do you mean unsettled funds? it was cash in my account that i had from selling something I sure as hell shouldnt have sold FRPT! and I sold it last Thursday, I never got a warning but all of it hit me today
Posts: 317 | From: Iraq | Registered: May 2006
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quote:Originally posted by OILDOG: BANG!!!Slam my head on the desk!! Just didnt dawn on me Gustavsons $10/bbl valuation!!! Thats what oil is worth IN THE GROUND!!! Read recently on MSN it is close to $40/bbl to GET IT OUT. They expect close to $44 by next year. Rising costs of everything. So,new calcs: 800,000 bblsX $25 "profit"= $20 million /1,000,000,000 shares= .02/share. uh,ooops. doh!!
Makes no sense... Only worth $10 in the ground???
What would be so different about drilling oil today versus 5 or 8 years ago?
If companies were profitable extracting oil when it was $35 a barrel, why would it be any different now... yeah costs go up, but so did the price of a barrel of oil.
$25 profit per barrel, still sounds reasonable..
Posts: 793 | Registered: Aug 2004
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posted
whats messed up is that this guy knew since 25 May on what he had!!!! Sleece Ball!!!
Posts: 317 | From: Iraq | Registered: May 2006
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posted
The drama continues. Reports of another PR in the works for tomorrow with "more" clarification. I hope they are a little more clear. Third time's the charm right?
Posts: 192 | Registered: May 2006
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posted
well i sure as hell hope youre right because I need something to persuade me to stay in, everything that i picked out positive i sold because i got caught up in the hype!!!
Posts: 317 | From: Iraq | Registered: May 2006
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COMPANY NEWS AND PRESS RELEASES FROM OTHER SOURCES:
*********.com: ********* Alerts for Thursday, June 1, 2006 ACL Semiconductors Reports on Supply and Demand While UVICF Reports 35% Sales Growth
Dallas, Texas, Jun 01, 2006 (M2 PRESSWIRE via COMTEX) -- ********* Pre-Market Updates for Thursday include Chaparral Resources Inc (OTCBB: CHAR),ACL Semiconductors Inc. (OTCBB: ACLO), Unilens Vision Inc (OTCBB: UVICF) , Pilgrim Petroleum Corporation (OTC: PGPM), First Trust Bank (OTCBB: NCFT) and Javelin Pharmaceuticals, Inc. (OTCBB: JVPH).********* Price Alerts feature companies with significant moves in either volume or price in the past two trading sessions. In our update we analyze recent news about the companies featured and detail the movement in the stock. If you would like to feature your publicly traded company in our alerts or on *********.com, email feature**********.com or call (469)252-3031. Chaparral Resources Inc (OTCBB: CHAR) - Shares closed down .35% on Wednesday. Price per share was $5.75 and total volume was 42,184. The Company recently reported its financial results for the first quarter 2006. The Company reported net income of $9.86 million, or 26 cents per share, for the quarter ended March 31, 2006, compared to $3.83 million, or 10 cents per share, for the quarter ended March 31, 2005. The $6.02 million increase in Chaparral's net income primarily relates to higher revenues as a result of higher prices and higher sales volumes achieved during the first quarter of 2006. Revenues were $53.45 million for the first quarter of 2006 compared with $24.33 million for the first quarter of 2005. The increase is the result of higher crude prices achieved during the first quarter of 2006 as compared to the same period of 2005, and due to higher sales volumes. The increase in revenues for the quarter was offset by increased transportation costs, administrative costs, minority interests and tax charges. The Company has also incurred $4.43 million of Excess Profits Tax payable in the Republic of Kazakhstan in the quarter ended March 31, 2006. There was no corresponding charge in the first quarter of 2005.During 2006, the Company expects to increase production by drilling 12 new wells, converting further wells to artificial lift and adding further water injection wells. The Company will continue with the development of the Karakuduk Field throughout the remainder of 2006. By the end of the third quarter it hopes to have two, possibly even three drilling rigs operational at the field. The Company forecasts that up to 10 further wells will be drilled, with a total program of some 38,400 meters expected to be drilled during the year. Boris Zilbermints, Chief Executive Officer of Chaparral, commented, 'The positive results of the first quarter reflect the hard work and technical expertise of our staff as well as the global increase in oil prices. On the other hand, the harsh winter weather as well as the delays with our drilling program and imposition of the Kazakh Excess Profits Tax has adversely impacted our results.'
Chaparral Resources, Inc. is an oil and gas development and production company. The Company's only operating asset is its participation in the development of the Karakuduk Field, in the Republic of Kazakhstan, through KKM, which is the operating company. The Company has directly and indirectly a 60% ownership interest in KKM with the other 40% ownership interest being held by Caspian which holds a majority interest in Chaparral and operates several other producing oil fields in Kazakhstan. More information is available on the Company's web site, www.chaparralresources.com.
ACL Semiconductors Inc. (OTCBB: ACLO) - Wednesday's shares gained 11.11% for a closing price of $.20 per share. Trade volume totaled 15,000 shares. The Company has recently reported on memory chip supply and demand. ACLO supplies this information to Samsung HK and its other customers to provide insight into market conditions. The flash market saw 4 Gb flash components increasing in contract price by 12% recently due to the fact that Sony and Apple are negotiating the 2nd half production plan with Samsung. Also, production of 8Gb and 16Gb is the main manufacturer's focus, leaving the 4Gb flash component (which is for the 512 MB memory card bundled into mobile cell phones) in tight supply. DDRI market is showing tight supply and the relative shortage of the DDRI could last into the summer months as most manufacturers have switched their production lines to DDRII. DDRII prices are quite stable recently and we anticipate we will see even more market activity in June. Recent comments from Merrill Lynch analysts to the memory component sector were upbeat. "Both spot and contract DRAM prices have hovered about 5% to 10% higher than our expectations through April-May. This indicates upbeat second-quarter results despite demand that has been seasonally normal at best." Further, "We expect pure-play DRAM and NAND stocks to outperform in the overall tech sector. For the short-term, however, we would continue to prefer DRAM to NAND. Long term, higher growth or margin upside comes from NAND compared with DRAM," were among the highlights of the research notes provided by CFAs from Merrill Lynch in last week's report. "We are encouraged by recent supply and demand data and industry analyst's comments. Indeed the outlook for our core business remains robust," cited ACL Chairman, Alan Yang. "In addition to our longstanding leadership in memory component distribution, we also continue to seek synergistic opportunities to bolster profit margins and we look forward to making progress towards these goals in 2006."
ACL has been a leading distributor of Samsung memory chip products, including DRAM, Flash, SRAM and Mask ROM products, for the Hong Kong and Southern China markets since 1991. ACL Semiconductors, Inc. trades on the OTCBB under the symbol ACLO.
Unilens Vision Inc (OTCBB: UVICF) - Shares held steady at $3.65. Wednesday's volume was 300 shares. Unilens Vision Inc. has reported higher sales, earnings, and royalty income for the third quarter and first nine months of FY2006. Net sales, excluding royalty income, increased 25% to $1,585,086 for the three months ended March 31, 2006, compared with $1,270,592 for the third quarter of the previous fiscal year. The sales increase was primarily the result of continued growth in sales of the Company's C-Vue multifocal and toric multifocal contact lenses to eye care professionals. Sales associated with the SoftCon EW and Aquaflex brands that the Company acquired from CIBA Vision at the end of February 2005 accounted for approximately 10% of sales during the most recent quarter and 11% of sales for the nine months ended March 31, 2006. Royalty income for the quarter ended March 31, 2006 increased 18% to $489,551. Net income increased 16% to $314,689, or $0.07 per diluted share. 'We are pleased to report another quarter of double-digit percentage growth in sales, earnings and royalty income,' stated A. W. Vitale, Chief Executive Officer of Unilens Vision Inc. Based on currently available information, we anticipate record revenue and income before taxes and extraordinary items for the Fiscal Year ending June 30, 2006.' For the nine months ended March 31, 2006, net sales, excluding royalty income, rose 34% to $4,559,686, versus $3,402,271 in the corresponding period of the previous fiscal year. Royalty income for the nine months ended March 31, 2006 increased 26% to $1,463,446, compared with $1,158,424 in the prior-year period. The Company's net income increased 30% to $941,564, or $0.21 per diluted share, for the first nine months of FY2006, compared with $722,669, or $0.16 per diluted share, for the comparable nine months of FY2005. 'Our financial condition at the end of the most recent quarter was the strongest in the Company's history,' continued Vitale. 'During the past twelve months, we have reduced our total liabilities by 37%, to $755,260, while our shareholders' equity has increased 55% to over $7.3 Million.
Established in 1989, Unilens Vision Inc., through its wholly owned subsidiary Unilens Corp., USA, located in Largo, Florida, develops, licenses, manufactures, distributes and markets specialty contact lenses under the C-VUE, Unilens, Sof-Form, Lombart, and LifeStyle brands. Additional information on the Company may be accessed on the Internet at http://www.unilens.com . The Company's common stock is listed on the OTC Bulletin Board under the symbol "UVICF" as well as the TSX Venture Exchange under the symbol "UVI".
Pilgrim Petroleum Corporation (OTC: PGPM) - Wednesday's shares closed down 29.08%. Price per share was $.10 and volume closed at 12,720,208 shares. The Company announced financial analysis and considerations on the profitability of developing the 4 million BOE by spreading the exploitation of 4 million barrels with an average of $65 per barrel of oil in 4 years. Based on these Gustavson's report assumptions and NPV analysis , the following was provided: With the assumption of an initial investment of $10 million and potential cash inflows of $65 million (assuming 1 million BOE per year at $65 oil price) then our PV at a discount rate of 10% would be $206,043,500, meaning a positive NPV of $196,037,000. A complete economic report and company valuation is on progress, based on the above analysis and will be part of the audit required for our SEC filing. Rafael Pinedo, CEO of Pilgrim Petroleum Corporation, commented, "These additional inflows will definitely make a direct impact in the fair value of the company and should bring the value of our stock up considerably, without considering variables like oil prices, new acquisitions and partnerships, etc."
Pilgrim Petroleum Corporation (OTCBB:PGPM) is an independent oil and gas company based in Irving, Texas. The company is acquiring oil and gas leases, producing properties, mineral rights, and surface interests in Texas. Once acquired, the company intends to develop each property to maximize the income from each property by refurbishing and improving the existing production.
First Trust Bank (OTCBB: NCFT) - Shares were unchanged on Wednesday at $23.90 per share. Total volume was 300 shares. William D. Elder has joined the First Trust Bank as Senior Vice President/Senior Loan Officer in its headquarters office at 1420 East Third Street, Charlotte, NC. Bill has over thirty years of commercial and consumer banking experience and is committed to the Bank's mission of providing the highest quality professional financial services to its customers and shareholders. 'Bill's seasoned experience will greatly enhance the depth of our commercial lending team,' said Jim Bolt, President/CEO of First Trust Bank.
First Trust Bank specializes in serving the banking needs of small businesses and professionals in the Charlotte, Mooresville, Davidson, Cornelius, Huntersville and Concord markets. The bank operates three banking offices located at 1420 East Third Street and 2245 Rexford Road, Charlotte, NC and 108 Gateway Boulevard, Mooresville, NC and a loan production office at 916 Copperfield Boulevard in Concord, NC.
Javelin Pharmaceuticals, Inc. (OTCBB: JVPH) - Shares gained 7.35% on Wednesday, trading 6,312 shares. The price per share was $3.65.
Javelin has announced treatment of the first patient in its Phase III clinical program for its injectable NSAID, Dyloject(TM) (diclofenac sodium). This pivotal US study will enroll 360 patients with moderate-to-severe postoperative pain following abdominal surgery. A second pivotal US study in a different postoperative pain model (orthopedic surgery) is planned to begin later this year.
'Javelin has now commenced enrollment in Phase III programs for two of its three product candidates this month,' said Dr. Daniel Carr, the Company's Chief Executive Officer and Chief Medical Officer. 'As with our other Phase III program for the intranasal morphine product Rylomine(TM), in both cases a productive end-of-Phase II meeting with the FDA allowed us to define a straightforward path to regulatory approval. Javelin's development team has been highly effective in bringing these two product candidates into Phase III clinical testing nearly simultaneously.'This study follows the successful completion of a 353 patient Phase IIb study of Dyloject(TM) in patients with postoperative pain. Javelin's Phase II studies of this nonselective NSAID showed it to be well tolerated, with a quicker onset, equal duration of effect, and less associated phlebitis than Voltarol(TM), the injectable diclofenac formulation currently marketed in Europe. An application to market Dyloject(TM) was filed last fall in Europe. Results of the latest Phase IIb study have been submitted for presentation at the annual meeting of the European Federation of IASP Chapters in September 2006.
Javelin is a specialty pharmaceutical company, applying innovative, proprietary technologies to develop new drugs and improved formulations of existing drugs to target unmet and underserved medical needs in the pain management market. For additional information please visit the website www.javelinpharmaceuticals.com.
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posted
Yeah, a pr better than one claiming that they can drill through the core of the Earth and tap the Saudi's oil from the opposite side...
Posts: 793 | Registered: Aug 2004
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posted
LMAO funny, he should just invest in the insurgency. At least he has a better buyer! Now I am trying to be the seller and out of free trades! thanks PGPM FUC%ERS
Posts: 317 | From: Iraq | Registered: May 2006
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ArmySGT.... FRPT got the whopper of a contract.
BAE Systems Land & Armaments L.P., York, Pa., was awarded on May 30, 2006, a delivery order amount of $180,503,000 as part of a $445,439,000 firm-fixed-price contract for Iraqi Light Armored Vehicles. Work will be performed in Anniston, Ala. (50 percent), and Ladson, S.C. (50 percent), and is expected to be completed by Nov. 30, 2009. Contract funds will not expire at the end of the current fiscal year. There were an unknown number of bids solicited via the World Wide Web on May 5, 2006, and 16 bids were received. The U.S. Army Tank-Automotive and Armaments Command, Warren, Mich., is the contracting activity (W56HZV-06-D-VB01).
quote:Originally posted by GhostRM: ArmySGT.... FRPT got the whopper of a contract.
BAE Systems Land & Armaments L.P., York, Pa., was awarded on May 30, 2006, a delivery order amount of $180,503,000 as part of a $445,439,000 firm-fixed-price contract for Iraqi Light Armored Vehicles. Work will be performed in Anniston, Ala. (50 percent), and Ladson, S.C. (50 percent), and is expected to be completed by Nov. 30, 2009. Contract funds will not expire at the end of the current fiscal year. There were an unknown number of bids solicited via the World Wide Web on May 5, 2006, and 16 bids were received. The U.S. Army Tank-Automotive and Armaments Command, Warren, Mich., is the contracting activity (W56HZV-06-D-VB01).
posted
yeah doesnt it figure, im broke thanks to FRPT!!! UNLESS I CAN DUMP THIS SHI% first thing and buy before the huge jump, I am screwed
Posts: 317 | From: Iraq | Registered: May 2006
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IRVING, Texas--(BUSINESS WIRE)--June 1, 2006-- Pilgrim Petroleum Corporation (Pink Sheets:PGPM) announced today an explanation of the previous May 1st Press Release. After thorough research, Potential Oil Resources calculations without taking some factors like porosity, etc., into account can produce high estimate reserves due to inconsistencies in the volumetric calculations. Further definition between the methods used requires determining factors with inherent uncertainties by themselves and even more when they are combined. As commented SCA Geologic (2003), "over the past 25 years significant errors haven been present in reserve calculations as a result of using the wrong thickness value to determine the reservoir quality sand or to prepare net pay maps for volumetric calculations. Errors of 20 to 30 percent are not uncommon, but on occasion errors of up to 700 percent have been documented." Under this premise Pilgrim Petroleum decided to obtain a 3rd party opinion as a part of the pre-valuation stage in order to make wise capital outlays. Before anything, the company needs measures with less uncertain methodology. Gustavson preliminary report provides a reviewed, more thorough and conservative identification of the company's current assets value and resource estimates. This report did not cover our latest acquisition of production and acreage from last week or other acquisitions to be closed in a week. Neither report will include any marginal existing production or take into consideration a significant amount of processing equipment already in place. After all the complete report from Gustavson will be done in weeks, we are confident that this final number of Potential Resources will be significantly higher. Rafael Pinedo, CEO of Pilgrim Petroleum Corporation, commented, "Lessons Learned. As we grow, we exponentially encounter challenges that we need to offset through accurate operational management. Our commitment to the company and our shareholders is our driving force, we are very confident on the final results."
About Pilgrim Petroleum Corporation
Headquartered in Irving, Texas, Pilgrim Petroleum Corporation is an independent oil and gas company. 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 redevelop each property to maximize the income from each property 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. 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.
KEYWORD: NORTH AMERICA TEXAS UNITED STATES INDUSTRY KEYWORD: ENERGY OIL/GAS SOURCE: Pilgrim Petroleum Corporation
CONTACT INFORMATION: Pilgrim Petroleum Corporation Eddie Monet, 619-864-0166 www.apetroleum.comPosts: 957 | From: grand rapids, MI | Registered: Feb 2006
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posted
Rafael Pinedo, CEO of Pilgrim Petroleum Corporation, commented, "Lessons Learned. As we grow, we exponentially encounter challenges that we need to offset through accurate operational management. Our commitment to the company and our shareholders is our driving force, we are very confident on the final results."
WHAT THE FUC& is he saying "OOops my bad, didn't mean to rip my shareholders off "?
Posts: 317 | From: Iraq | Registered: May 2006
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This report did not cover our latest acquisition of production and acreage from last week or other acquisitions to be closed in a week. Neither report will include any marginal existing production or take into consideration a significant amount of processing equipment already in place. After all the complete report from Gustavson will be done in weeks, we are confident that this final number of Potential Resources will be significantly higher.
-------------------- "Money, so they say Is the root of all evil today." Posts: 228 | From: NE, PA | Registered: Mar 2006
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Makes you wonder about the management of PGPM and Pinedo.
The Tuesday report SHOULD have started with :
This Gustavson reportdoes NOT include future revenue from the recent ( May 26 ) acquisition of 30 wells in Wichita, Texas, or other acquisitions expected to be closd in a week .
Then move on with the "consdervative" estimations of the Gustavson report.
The last 2 days are like a bad dream that probably caused many near heart attacks.....not to mention, caused many shareholders to become skeptics about the validity of PGPM and their management.
Hopefully, the dust will settle, and the PPS and confidence will grow.
Posts: 63 | From: Canada | Registered: May 2006
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Nite is walking this thing right down, just like yesterday. He's the one to watch. If he starts moving the ask up, then it's a good time to buy, otherwise, this doesn't look good.
Posts: 5508 | From: Southeastern PA | Registered: Jan 2006
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