PGPM Pilgrim Petroleum Corporation (CE)

Pilgrim Petroleum is pleased to announce its Mid-Year Second Quarter President's Report to shareholders and potential investors is available at www.apetroleum.com. Here are some additional achievements and highlights: -0- *T Q1 2006 Q1+Q2 2006 ---------------------------------------------- ----------- ----------- Net profit Margin 25.64% 45.05% ---------------------------------------------- ----------- ----------- ROA 24.63% 29% ---------------------------------------------- ----------- ----------- ROE 25.35% 30% ---------------------------------------------- ----------- ----------- Revenues $126,068 $848,340 ---------------------------------------------- ----------- ----------- Net Income $97,926 $382,207 ---------------------------------------------- ----------- ----------- 1) Continue increase on financial ratios. Nearly 500% increase in revenues. 2) We have no debt. Our obligations are solely to our stockholders. 3) Information and Updated well reactivation status and acquisitions 4) Short and Mid-term Plan: Evaluation Report, Audited Financials and Filing on a Canadian Stock Exchange 5) Infusion of more Human Capital 6) Plans to acquire working interest in attractive new prospects 7) Plans to implement drilling/exploration campaign on Pilgrim's property play at the beginning of 2007. *T Rafael Pinedo, President of Pilgrim Petroleum Corporation, commented, "Pilgrim Petroleum Management is highly focused on high level results. We will continue to acquire properties and bring our wells on line throughout 2006, building solid foundations." About Pilgrim Petroleum Corporation. Headquartered in Irving, Texas, Pilgrim Petroleum Corporation (Pink Sheets:PGPM) is a publicly traded, independent oil and gas company. 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 redevelop 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.