Pilgrim Petroleum Corporation Predicts Record Growth Above Expectations Wednesday July 12, 10:30 am ET
IRVING, Texas--(BUSINESS WIRE)--July 12, 2006--Pilgrim Petroleum Corporation (Pink Sheets:PGPM - News), 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. ADVERTISEMENT
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 - 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 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.
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Oil May Rise From a Record Amid Middle East Violence (Update2) July 14 (Bloomberg) -- Crude oil may rise from a record next week on concern the growing conflict in the Middle East will disrupt shipments from the region.
Twenty of 34 analysts and traders surveyed by Bloomberg News, or 59 percent, said prices will rise. Five projected a decline and nine said futures will be little changed. Last week, 68 percent predicted an increase, the most bullish response in a year. Oil topped $78 a barrel for the first time today.
Hezbollah fired rockets into Israel's third-biggest city yesterday after Israeli forces bombed Lebanon in a widening conflict that threatens to destabilize the region responsible for more than 30 percent of the world's oil output. Prices have jumped 27 percent this year amid a dispute over Iran's nuclear research and as unrest in Nigeria and Iraq cut output.
``The market is most fearful that the geopolitical situation in the Middle East will further deteriorate,'' said Jason Schenker, an economist with Wachovia Corp. in Charlotte, North Carolina. ``There's a risk that Syria or Iran will become further involved, spreading the conflict.''
Crude oil for August delivery rose $2.94, or 4 percent, to $77.03 a barrel in trading this week on the New York Mercantile Exchange. Futures in today's session reached $78.40, the highest since trading began in 1983. Today's close was also a record.
$80 Oil
``The Israel-Hezbollah conflict, sponsored undoubtedly by Iran and Syria, is going to tromp on every other variable in oil prices,'' said Antonio Szabo, chief executive officer of Houston- based consultant Stone Bond Technologies. ``Prices next week are going to rise, quite possibly in the early days, surpassing the $80 a barrel mark.''
Posts: 261 | From: NJ | Registered: May 2005
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PGPM (.051) Next Quarter Earnings Expected to Climb 25% Jul 24, 2006 1:20:00 PM Copyright Business Wire 2006
IRVING, Texas--(BUSINESS WIRE)--July 24, 2006--
Pilgrim Petroleum Corporation announced today next quarter's outlook will continue its growing trend of at least a 25% increase. Ongoing activities related to its well re-activation program, estimation of resources, along with its process to become a fully reporting company and additional property acquisitions will let Pilgrim capitalize on its true value of operations as well as open new horizons in international markets.
Pilgrim's operations, revenues and its asset portfolio have been on a long uptrend since late January 2006 and will continuously grow through its constant review and reevaluation of its corporate strategy, opportunities of new joint ventures for diversification of operations and return optimization.
Rafael Pinedo, President of Pilgrim Petroleum Corporation, commented, "Pilgrim Petroleum has reached record results in revenue for the first two quarters of this year and we are sure it will continue to outperform estimations due to Pilgrim's solid foundations and its management efforts."
About Pilgrim Petroleum Corporation
Headquartered in Irving, Texas, Pilgrim Petroleum Corporation (Pink Sheets:PGPM) is a publicly traded, 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
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Pilgrim Petroleum Corporation Irving Eddie Monet 619-864-0166
-------------------- The difference between genius and stupidity is that genius has its limits Posts: 10204 | From: NYC | Registered: Mar 2006
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Pilgrim Petroleum Corporation (PGPM) - Monday's shares increased 4.44% over open to $0.04700. The volume was at 979,815. Pilgrim Petroleum Corporation , an independent oil and gas company, announced today the acquisition of approximately 15,700 total acres in Clay County near the Barnett Shale, the best play in the country. The property has history of great production on the surrounding area. Some seismic data is available with this acquisition, which will facilitate a reserve report. This acquisition is expected to close within 7-14 days. This property will be added to our asset portfolio for the Final Gustavson Report. More information is on our website www.bpetroleum.com.
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.
-------------------- Investment Is Important, but Knowing where to make an Investment in your life makes all Difference Posts: 280 | Registered: Jan 2006
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Do your own dd, but this might be one to watch with the expected increase in oil prices, due to BP shuting down the pipeline in Alaska. We will see, up 17% today. jp
-------------------- I started with nothing, and still have most of it!!!! Posts: 181 | From: Mi. | Registered: Jan 2006
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