PGPM Pilgrim Petroleum Corporation (CE)

Pilgrim Petroleum Corporation announced today next quarter's outlook will continue its growing trend of at least a 25% increase. Ongoing activities related to its well re-activation program, estimation of resources, along with its process to become a fully reporting company and additional property acquisitions will let Pilgrim capitalize on its true value of operations as well as open new horizons in international markets. Pilgrim's operations, revenues and its asset portfolio have been on a long uptrend since late January 2006 and will continuously grow through its constant review and reevaluation of its corporate strategy, opportunities of new joint ventures for diversification of operations and return optimization. Rafael Pinedo, President of Pilgrim Petroleum Corporation, commented, "Pilgrim Petroleum has reached record results in revenue for the first two quarters of this year and we are sure it will continue to outperform estimations due to Pilgrim's solid foundations and its management efforts." 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.