PGPM Pilgrim Petroleum Corporation (CE)

Pilgrim Petroleum Corporation (Pink Sheets: PGPM), an independent oil and gas company, is pleased to announce the Company has begun the process of interviewing Canadian qualified legal and accounting firms for its filing on the Toronto Stock Exchange Venture (TSXV), to become a fully reporting, public company. "At the same time, the company also confirmed its ongoing process for the filing of Form SB-1 with SEC to be listed on the OTCBB; however, hiring a qualified Canadian legal and accounting firm is a crucial step for Pilgrim Petroleum Corporation," stated Rafael Pinedo, Company President and CEO. Mr. Pinedo said, "Pilgrim Petroleum Corporation is headed in the right direction to get off the Pink sheets (non-reporting status) and become more visible to institutional investors. This move will enhance our efforts to the filing process, improve timing and comply effectively with Canadian legal requirements and more presence on potential acquisitions in province Quebec and Alberta Canada." About Pilgrim Petroleum Corporation Headquartered in Irving, Texas, Pilgrim Petroleum Corporation 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.