PGPM Pilgrim Petroleum Corporation (CE)

Pilgrim Petroleum Corporation (Pink Sheets:PGPM), an independent oil and gas company, predicts record growth above expectations for second quarter 2006. Results for the quarter along with some great news will be disclosed next week. Much of the Company's performance was generated from our field services unit along with the acquisitions of the last two months. Pilgrim Petroleum earned continuing revenue streams from reactivation of inactive wells and will be focused during the third and fourth quarter of 2006 to increase production with different recovery process along with new drilling activities. According to Rafael Pinedo, President and CEO, "We have made significant operational progress moving the Company from an organization and acquisition stage to a point where our primary focus is now exploration, production and distribution. The time has come to realign our value share base. Turning to the future, I firmly believe that Pilgrim Petroleum has the strategy, technology, people and now the capital structure in place to deliver short-term shareholder value." 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.