IRVING, Texas--(BUSINESS WIRE)--July 11, 2006-- Pilgrim Petroleum Corporation (Pink Sheets:PGPM), an independent oil and gas company, is pleased to announce an update in operations. Maintaining its debt free status, Pilgrim tripled production from last quarter. On July 18, 2006, Pilgrim Petroleum will deliver our financial statements, geology report, and the next steps in our filings with SEC to become a full reporting company. At the end of the week we will have a full descriptive mid-year report. Pilgrim Petroleum Corporation CEO Rafael Pinedo said: "Our financial performance for the quarter well exceeded our expectations and our previous guidance, and we look forward to maintaining our growth for some time while sustaining significant profitability."
About Pilgrim Petroleum Corporation
Headquartered in Irving, Texas, Pilgrim Petroleum Corporation is a publicly traded company (Pink Sheets: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.
KEYWORD: NORTH AMERICA TEXAS UNITED STATES INDUSTRY KEYWORD: ENERGY OIL/GAS EARNINGS SOURCE: Pilgrim Petroleum Corporation
CONTACT INFORMATION: Pilgrim Petroleum Corporation, Irving Eddie Monet, 619-864-0166 emonet*americancapitalipo.com www.apetroleum.comPosts: 957 | From: grand rapids, MI | Registered: Feb 2006
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IRVING, Texas--(BUSINESS WIRE)--July 12, 2006-- Pilgrim Petroleum Corporation (Pink Sheets:PGPM), an independent oil and gas company, predicts record growth above expectations for second quarter 2006. Results for the quarter along with some great news will be disclosed next week. Much of the Company's performance was generated from our field services unit along with the acquisitions of the last two months. Pilgrim Petroleum earned continuing revenue streams from reactivation of inactive wells and will be focused during the third and fourth quarter of 2006 to increase production with different recovery process along with new drilling activities. According to Rafael Pinedo, President and CEO, "We have made significant operational progress moving the Company from an organization and acquisition stage to a point where our primary focus is now exploration, production and distribution. The time has come to realign our value share base. Turning to the future, I firmly believe that Pilgrim Petroleum has the strategy, technology, people and now the capital structure in place to deliver short-term shareholder value."
About Pilgrim Petroleum Corporation
Headquartered in Irving, Texas, Pilgrim Petroleum Corporation is a publicly traded company (Pink Sheets: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.
KEYWORD: NORTH AMERICA TEXAS UNITED STATES INDUSTRY KEYWORD: ENERGY OIL/GAS EARNINGS SOURCE: Pilgrim Petroleum Corporation
CONTACT INFORMATION: Pilgrim Petroleum Corporation, Irving Eddie Monet: 619-864-0166 emonet*americancapitalipo.com www.apetroleum.comPosts: 957 | From: grand rapids, MI | Registered: Feb 2006
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posted
Chart is primed, good news is coming, price of oil going up, .15 to .20 cents is a big possibility IMO.
Posts: 201 | From: Cornwall | Registered: Feb 2006
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I'll hold, but that PR is nonsense, if not forward looking.
All I know is they better not screw up with this "great news" because they will kill themselves if they do.
Posts: 793 | Registered: Aug 2004
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There is some unverified rumors that here is a changing of the guards coming at Pilgrim.
Posts: 957 | From: grand rapids, MI | Registered: Feb 2006
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But I heard from a buddy that Pinedo may not be at the helm of the ship anymore! Not sure if it's true , but that may a great move for Pilgrim!
Posts: 957 | From: grand rapids, MI | Registered: Feb 2006
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posted
Another board is spouting buyout rumors from overseas. I would assume china or India if it were possible.
Posts: 957 | From: grand rapids, MI | Registered: Feb 2006
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posted
Palace coup? Thats sad if true. I'll miss ol' Raf. Did'nt seem to know squat about oil business but, great fun anyway. Question then would be, just WHO is actually behind this ....really?
-------------------- It takes a lot of attaboys to make up for an aww chit Posts: 483 | From: OK | Registered: Aug 2005
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