PGPM Pilgrim Petroleum Corporation (CE)

Pilgrim Petroleum Corporation (Pink Sheets: PGPM), an independent oil and gas company, announces record in its well servicing unit. The Company has received a record of 17 workovers and recompletions of marginal wells from June 1st to June 14th 2006. They are now in full operation and producing between 12 and 38 BOD in average. The majority of the remaining wells are expected to be delivered by the end of the fourth quarter of this year to our existing properties. Rig services units utilization remains high in nearly all our properties. Thanks to Basic Energy Services (NYSE: BAS), our production has improved. In addition to the acquisition of Daniels Well Services, the company will benefit this quarter from an increase in production, over 45% of the last quarter. Stephen Richardson, Pilgrim Petroleum Vice-President said, "Thanks to a superior performance of our field team, we will bring more 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 (PGPM). 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.