Pilgrim Petroleum to Acquire Acreage in Clay County, Texas, near the Barnett Shale
26 Julio 2006 - 10:20AM
Business Wire
Pilgrim Petroleum Corporation (Pink Sheets:PGPM), an independent
oil and gas company, announced today the acquisition of
approximately 15,700 total acres in Clay County near the Barnett
Shale, the best play in the country. The property has history of
great production on the surrounding area. Some seismic data is
available with this acquisition, which will facilitate a reserve
report. This acquisition is expected to close within 7-14 days.
This property will be added to our asset portfolio for the Final
Gustavson Report. More information is on our website
www.bpetroleum.com. Rafael Pinedo, Pilgrim Petroleum CEO-President
said, "Each acquisition builds our natural energy reserve base. We
will continue to acquire properties to increase our asset value.
More wells will be on line throughout 2006 in order to increase our
residual revenue." About Pilgrim Petroleum Corporation.
Headquartered in Irving and Dallas, 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 in Texas. Once acquired, the company intends
to develop 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. Visit our website
at: www.apetroleum.com.
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