PGPM Pilgrim Petroleum Corporation (CE)

Pilgrim Petroleum Corporation (Pink Sheets:PGPM), an independent oil and gas company, is pleased to announce an update in operations. Maintaining its debt free status, Pilgrim tripled production from last quarter. On July 18, 2006, Pilgrim Petroleum will deliver our financial statements, geology report, and the next steps in our filings with SEC to become a full reporting company. At the end of the week we will have a full descriptive mid-year report. Pilgrim Petroleum Corporation CEO Rafael Pinedo said: "Our financial performance for the quarter well exceeded our expectations and our previous guidance, and we look forward to maintaining our growth for some time while sustaining significant profitability." 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 primary on marginal fields. Once acquired, the company intends to develop each property to maximize the income from each 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 effects 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.