PGPM Pilgrim Petroleum Corporation (CE)

Pilgrim Petroleum Corporation (Pink Sheets:PGPM) announced today the company's 1-2 year projected EPS (Net Earnings/Outstanding Shares) $50,000,000/322,720,011 of 0.154, Based on this EPS multiplied by a sustainable growth rate of 25% and multiplied by the average industry P/E ratio of 14.79 (according Reuters), Pilgrim's intrinsic value or estimated stock value should be $2.847. According the Gustavson Report, our estimation of potential resources based on an early or "pre-development" stage, will represent a high probability of drilling success, which may indicate the valuation maybe up to double or triple of this projected stock value. When evaluating resources in particular contingent and prospective resources, Resources P50: Considered to be the best estimate of the quantity that will actually be recovered from the accumulation. (Source: Petroleum Society of CIM. Definitions of Oil and Gas Resources and Reserves) Recent activities related to the estimation of resources along with its on-going process for the preparation to become a fully reporting company and additional property acquisitions among others will let Pilgrim capitalize on its true value of operations as well as opening a transparent communication between the company and its shareholders. Pilgrim Petroleum management is focused on multiple horizons with hydrocarbon potential and is proud to communicate that the company's combined assets are now producing in an upward trend and new discoveries for further hydrocarbon potential have been made. Rafael Pinedo, President and CEO of Pilgrim Petroleum Corporation, commented, "Pilgrim Petroleum is growing in a very fast pace with substantial opportunities. Management is now outlining further corporate actions to continue our process of streamlining operations. Pilgrim Petroleum is looking forward to keeping investors informed on its progress and success in 2006." About Pilgrim Petroleum Corporation Pilgrim Petroleum 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 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.