Pilgrim Petroleum Announces Waggoner Lease-Update in Operations Monday September 18, 12:10 pm ET
IRVING, Texas--(BUSINESS WIRE)--Sept. 18, 2006--Pilgrim Petroleum Corporation, (Pink Sheets:PGPM - News) is pleased to announce that during the last two weeks, the company has put in line seven additional workovers in the Waggoner "AN" lease, which is currently producing approximately 18 barrels per day. Additional workovers are planned and scheduled, targeting an additional seven to eight workovers for the next two weeks.
Due to the additional work related to the company's last acquisition and scheduling issues, Gustavson Associates were unable to deliver the reserve evaluation report as it was informed. Gustavson`s staff is working to complete the report and it will be released soon on Pilgrim's website when completed sometime this week. Subsequently we will proceed with our audit and filings with TSX and SEC. We anticipate great news for this third quarter 2006.
Pilgrim Petroleum Corporation Vice President of Operations Jeffrey Fanning said, "Growth is our main goal. The company's production levels are steadily increasing, while targeting new horizons and further developments."
About Pilgrim Petroleum Corporation
Headquartered in Irving, Texas, Pilgrim Petroleum Corporation is a publicly traded company (Pink Sheets:PGPM - News). 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 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.
Contact:
Pilgrim Petroleum Corporation Eddie Monet, 619-864-0166 emonet*americancapitalipo.com www.apetroleum.com
-------------------- "Money, so they say Is the root of all evil today." Posts: 228 | From: NE, PA | Registered: Mar 2006
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Have noticed other pinky oil companies using Gus. Keeping them busy I guess. Well, with 20 o/o working interest in the lease, that gives them 108 bbl/month. Better. Still, micro oil company.Cant wait to see Gus's report. Always love to read those things!! woof! Probably say what it said before, current leases/wells insignificant. They have to DRILL!!!
-------------------- It takes a lot of attaboys to make up for an aww chit Posts: 483 | From: OK | Registered: Aug 2005
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Well, I looked but cant find. It had offshore lease in Columbia,drilled in '50s by U.S. major. A 5 o/o working interest,and waiting on a Gust report. Believe their "home office" was in Texas. Given: 1)its difficult or impossible to verify anything overseas (red flag Russia and China) 2)its a pink,cant verify anything there. 3) should of got a report BEFORE they spent shekels on very depleted offshore "production". 4)the very high cost of offshore rigs and/or workover. I tossed it. Now I cant remember! Maybe someone here can help.
-------------------- It takes a lot of attaboys to make up for an aww chit Posts: 483 | From: OK | Registered: Aug 2005
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Friday, September 29 2006 8:51 AM, EST Pilgrim Petroleum Report on Economic and Potential Recoverable Assessment in Archer and Wichita County Interests Business Wire "US Press Releases " IRVING, Texas --(BUSINESS WIRE)-- Pilgrim Petroleum Corporation (Pink Sheets:PGPM) is pleased to announce that the final Assessment on its interests in Archer and Wichita Counties Texas, prepared by Gustavson Associates has been completed. The report has an effective date of September 15, 2006 , and evaluates Pilgrim Petroleum acreage located on the Bend Arch-Fort Worth Basin Province, Texas . Gustavson Associates was engaged by Pilgrim Petroleum Corporation to prepare the report as the due diligence basis to comply with Canadian TSX ( Toronto Stock Exchange ) requirements in addition to SEC guidelines. The report was prepared for the company using assumptions and methodology guidelines outlined in the Canadian Oil and Gas Evaluation Handbook ("COGE Handbook") and in accordance with National Instrument 51-101 ("NI 51-101"). Additionally, Gustavson Associates conducted a scoping economic analysis of the Prospect using the "Best Estimate" for both an oil and gas future net revenues (before deductions of income taxes). Specifically, the report provides the following highlights: Low Estimate 996 MBbl 3.98 BCF ---------------------------------------------------------------------- Best Estimate 1,832 MBbl 7.32 BCF ---------------------------------------------------------------------- High Estimate 2,676 MBbl 10.70 BCF ---------------------------------------------------------------------- ECONOMIC EVALUATION Pilgrim also requested Gustavson Associates to complete economic runs with the estimated prospective resources and similar production profiles. This study will show estimate development schedules for Pilgrim's acreage and generate a forecast of future net revenues and discounted cash flow. The following estimates are based on the best estimate of the prospective hydrocarbon resources. The initial net prices, for the purpose of the analysis are $59.95 per barrel for the oil case and $4.97 per MCF for the gas case and include deductions for estimated future well abandonment costs. Best Estimate Net Present Value of Best Estimate Net Revenue Before Future Net Revenues (at 10% Income Tax discount rate) ----------------------------------- ---------------------------------- $102,370,000 $52,050,000 ----------------------------------- ---------------------------------- Pilgrim Petroleum President and CEO Rafael Pinedo said, "We are very pleased to have interest in such an outstanding exploration prospect with the potentially dramatic high impact upside potential of this acreage. The Gustavson report is consistent with historical estimates of the resource potential and risks for the blocks and the report clearly confirms our belief that we have in our hands a world-class exploration prospect. As we move into this next phase of commencing the exploration program, we will continue to work to advance on our re-activation program and aggressively finish our audit and become a fully reporting company." The report is available for review on the Company's website.
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 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
Posts: 1580 | From: World | Registered: Jul 2006
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PGPM Announces Future Net Revenue and EPS Sep 29, 2006 12:57:00 PM Copyright Business Wire 2006
IRVING, Texas--(BUSINESS WIRE)--
Pilgrim Petroleum Corporation announced today the company's projected EPS (Net Earnings / Outstanding Shares) $102,370,000/358,841,164 of 0.29 based on Pilgrim's Future Net Revenues estimations. Thus, the resulting EPS multiplied by a sustainable growth rate of 25% and multiplied by the average industry P/E ratio of 14.79 (Reuters), Pilgrim's intrinsic value or estimated stock value should be worth $1.055 per share. This assessment doesn't include all of Pilgrim Petroleum properties, only those in Wichita and Archer counties. We will disclose results next quarter for the rest of our properties.
In its efforts to become a fully reporting company, Pilgrim Petroleum concluded its initial phase of acreage resource estimation and economic valuation. It will continue to value and put in line the additional properties recently added to its asset portfolio, while implementing its ongoing well re-activation program.
Pilgrim Petroleum management is focused on multiple horizons with hydrocarbon potential and is proud to communicate that the company's combined assets of marginal wells and potential resources will create additional value to its current and future shareholders.
Rafael Pinedo, President of Pilgrim Petroleum Corporation, commented, "Pilgrim Petroleum is growing in a very fast pace with substantial opportunities. Management is committed to continue our process to be listed in Canada. Pilgrim Petroleum is looking forward to keeping investors informed of its progress and success in 2006."
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 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 emonet*americancapitalipo.com www.apetroleum.com
-------------------- The difference between genius and stupidity is that genius has its limits Posts: 10204 | From: NYC | Registered: Mar 2006
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-------------------- The difference between genius and stupidity is that genius has its limits Posts: 10204 | From: NYC | Registered: Mar 2006
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About what I expected. Gus estimates 1.8 million barrels possible,and Pilgrim has a minor (20%) working interest. I expected more "meat" in the report,such as actually having located some targets (seismic) and perhaps maps showing them. Nope. Majority partner (I suspect GEC) has to go along, and DRILL. Could take 6 months to a year. Gus says GEC a subsidiary? Uh,they've never said THAT. Also,as expected,Pigrim puts out a "helpful" PR calculating what their shares are worth. heh. They claim the whole $102 million MAYBE oil as "future" revs (remember,they are a MINOR interest),and a multiple? For a pink? Get real! wwwoooooffffff! yea,thats the ticket. And remember,oil IN THE GROUND is worth $10/bbl, NOT $60. Agin,ya gotta DRILL. I'm satisfied,didnt expect any better!!!
-------------------- It takes a lot of attaboys to make up for an aww chit Posts: 483 | From: OK | Registered: Aug 2005
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quote:Originally posted by OILDOG: About what I expected. Gus estimates 1.8 million barrels possible,and Pilgrim has a minor (20%) working interest. I expected more "meat" in the report,such as actually having located some targets (seismic) and perhaps maps showing them. Nope. Majority partner (I suspect GEC) has to go along, and DRILL. Could take 6 months to a year. Gus says GEC a subsidiary? Uh,they've never said THAT. Also,as expected,Pigrim puts out a "helpful" PR calculating what their shares are worth. heh. They claim the whole $102 million MAYBE oil as "future" revs (remember,they are a MINOR interest),and a multiple? For a pink? Get real! wwwoooooffffff! yea,thats the ticket. And remember,oil IN THE GROUND is worth $10/bbl, NOT $60. Agin,ya gotta DRILL. I'm satisfied,didnt expect any better!!!
who cares? it's pinki, play it or leave it...
Posts: 1580 | From: World | Registered: Jul 2006
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Already have,atleast. In .04,out .06. Momo play, NOT an investment.Its a pink.Remember in May,they were "estimating" their pps at $33. lol My own estimate: $20 million(their share)about .05/share. No multiples for pinks. But,they have to FIND it and DRILL it. Simple
-------------------- It takes a lot of attaboys to make up for an aww chit Posts: 483 | From: OK | Registered: Aug 2005
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If it can get past the .065 resistance,.... it should finish with at least 0.08 today. This company may not be ready for a $1 per share yet, but they will definitely trade above 10cents soon.
-------------------- Please do your DD. Break some bread with me! Posts: 1138 | From: atlanta | Registered: Apr 2006
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-------------------- The difference between genius and stupidity is that genius has its limits Posts: 10204 | From: NYC | Registered: Mar 2006
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Dont usually play pinks, but I got in this at .043, looks promising. everything bout sounds good for a run. should trade .08, before end of week.
-------------------- Please do your DD. Break some bread with me! Posts: 1138 | From: atlanta | Registered: Apr 2006
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