PGPM Pilgrim Petroleum Corporation (CE)

Pilgrim Petroleum (Pink Sheets:PGPM) is pleased to announce record in current Financial Ratios as of May 31, 2006: -- Net Profit Margin = 25.64%. It means that for each dollar of sales that Pilgrim generates, it is contributing 25 cents to its bottom line (net income). It reveals how Pilgrim's management controls the cost structure of the firm. -- ROA = Net Profit after tax/total assets = 24.63%. Indeed, well above average, earning almost 25% on our asset investment. -- ROE = Net Profit after tax/Stockholder's equity = 25.35% growing ROE or ROI. Pilgrim is striving to payoff its investors! This financial ratio tells the rate that shareholders are earning on their shares. (Generally, companies that generate high return relative to their shareholder's equity are companies that pay their shareholders off substantially, creating significant assets for each dollar invested. These businesses are more than likely self-funding companies that require no additional debt or equity investments.) Pilgrim Petroleum's goal is to keep improving these ratios, not only will new leases contribute to an immediate increase of revenues as well as the overall production levels, but also the recent contract with Basic Energy and JAR will boost the production expectations. Here are some additional highlights: -0- *T 1) Increase on financial ratios over 300% comparing with the figure from six months ago, from negative to positive ratios. 2) We have no debt. Our obligations, are solely to our stockholders. 3) Estimated substantial revenues from new development of reserves 4) Short and Mid term Growth Strategy through new acquisitions 5) Plans to venture with peer companies to acquire working interest in attractive new prospects. This way, Pilgrim will be able to reduce the risk of exploration projects while increasing new sources of revenue. *T Rafael Pinedo, President and CEO of Pilgrim Petroleum Corporation, commented, "Pilgrim Petroleum is growing exponentially in a very short time; the results for this coming quarter will be the best ever for the company. Our focus is not only to increasing profitability, but also achieving long-term sustainability." About Pilgrim Petroleum Corporation Headquartered in Irving, Texas, Pilgrim Petroleum Corporation is an 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.