I watched this run around this time last year. I found this PR but they never released there financials a week after like they said. Does anyone know anything about this stock? I am thinking about buying some tomorrow.
Apr 11, 2007 9:15:26 AM
IRVING, Texas, Apr 11, 2007 (BUSINESS WIRE) --
Pilgrim Petroleum Corporation (PINK SHEETS: PGPM) (FWB:PHV) is pleased to announce that the company will release its financial results for its first quarter 2007 next week. As Pilgrim's year-end financial results have already exceeded expectations, the first quarter results will set the pace of the company's growth projections. After management's review of operations for the current year ending December 31, 2007, the Company expects to more than double its net income by implementing rigorous cost control management, production efficiency technologies and steady re-completion of more shut-in wells located in its properties. Based on the estimates of expected earnings in the next four quarters, Pilgrim's forward P/E ratio for the stock should be at least 32.37 and PEG (price/earnings to growth) ratio of 0.06. Moreover, the agreement with General Energy Corporation has triggered the first phase of the North Texas Exploration Project, by accessing over 1.8 million barrels of potentially recoverable oil, which translates into a projected earnings-per-share (EPS) of $0.15, based on its net present value and future net revenues of approximately $52,050,000. This figure does not include Pilgrim's most recent acquisitions.
First Phase due diligence already in place includes:
-- One drilling authorization granted by RRC of Texas in Archer County and four pending approval.
-- A new field office located in Holliday, Texas.
Pilgrim Petroleum Corporation's Chief Executive Officer, Rafael Pinedo said, "Pilgrim Petroleum is committed to a firm start for the new fiscal year. Our Management team strongly believes in the company's incremental and steady growth potential through its re-activation program, the potential upside of the North Texas Exploration Project and Pilgrim's acquisition plan to further increase its asset portfolio. Pilgrim will concentrate its efforts on higher profitability and long-term sustainability."
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 interest's 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.
2007 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.
i remember that run last year that PR back then was a piece of art had a nice little 1000%+ run on it i loved it! wish there were more talented PR guys out there in pennyland lol
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breaking pgpm has found a 12 oz of oil their greatest find ever police are investigating the possibility that the oil was stolen from an old mans car
Posts: 29 | Registered: Jun 2006
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