PGPM Pilgrim Petroleum Corporation (CE)

Pilgrim Petroleum Corporation (Pink Sheets:PGPM), an independent oil and gas company, announced today negotiations to acquire production and acreage of approximately 7300 total acres in Johnson and Wise county in the Texas Barnett Shale, the best play in the country. This property has a history of great production and existing conventional well bores available for reentry; Pilgrim Petroleum will focus on refitting the properties with additional horizontal and directional wells. Some seismic data is available with this acquisition, which will facilitate a reserve report. A final agreement is expected to be completed in the next few weeks. Stephen Richardson, Pilgrim Petroleum Vice-President, said, "Each acquisition builds our natural energy reserve base. We will continue to acquire properties and bring our wells on line throughout 2006 in order to increase our residual revenue." 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 in Texas. Once acquired, the company intends to develop 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.