PGPM Pilgrim Petroleum Corporation (CE)

Pilgrim Petroleum (Pink Sheets:PGPM) President and Chief Executive Officer Rafael Pinedo explained in an interview the financial and operational position of the Company as well as their 2006 Strategy Plan. The Interview was conducted by Wall Street Reporter and can be accessed under the following weblink: http://www.wallstreetreporter.com. The Interview is listed as the 2nd link under OTCBB Today's Interview, on the right-hand of the programming guide. In addition, Pilgrim Petroleum will be signing a strategic alliance with J.A.R Corp of San Antonio, Texas. J.A.R Corp is the provider of a state of the art recovery technology known as "magnetic-sub". Pilgrim Petroleum will speed the process to incorporate and develop more wells in a short period of time along with enhancing production on some of our existing wells. Magnetic-sub will limit the cost of transportation, loss of production, manpower, safety, and liability issues in conjunction with environmental issues and potential reservoir damage. About Pilgrim Petroleum Corporation. Pilgrim Petroleum (Pink Sheets:PGPM) Corporation 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 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.