PGPM Pilgrim Petroleum Corporation (CE)

Pilgrim Petroleum Corporation (Pink Sheets: PGPM), is pleased to announce today it achieved a nearly 500% increase in revenues ($722,272 vs. $126,068) for the quarter ending June 2006, which amounts to over eight times the revenue from the quarter ending June 2005. Gross Revenue accounted for approximately 90% of the revenue YTD, which reflects the company's low production cost. This year, with the current oil price structure, recent acquisitions, and its well reactivation program, Pilgrim Petroleum has leveraged its strengths and opportunities to optimize operational and financial results. Pilgrim Petroleum Corporation CEO Rafael Pinedo said, "Second Quarter Results not only achieved our financial and operational targets, but also exceeded our growth expectations. Pilgrim Petroleum is looking to further improve growth, performance and profitability. Our management team is definitely leading the company to the next level." About Pilgrim Petroleum Corporation Headquartered in Irving, Texas, Pilgrim Petroleum Corporation is a publicly traded company (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.