PGPM Pilgrim Petroleum Corporation (CE)

Pilgrim Petroleum Corporation (Pink Sheets: PGPM), an independent oil and gas company, is pleased to announce that the Rail Road Commission of Texas (RRC) has granted the approval of a new injection well to be placed in the Lochridge Lease, located in Wichita County, Texas. This lease has a historical accumulative oil production of 27,280 BBL and will contribute to the White Meldon and City National Bank lease re-work and well reactivation program previously announced. The company estimates that starting daily production will be 2-3 barrels per well, adding at least 36 barrels per day, or 1,080 barrels per month. Production will increase exponentially after sixty days, after the application of several different recovery techniques. Pilgrim Petroleum Corporation Vice President of Operations, Jeffrey Fanning said, "We are aggressively continuing our Reactivation Program, leveraging on all resources available to enhance recovery and further improve Pilgrim's production levels." About Pilgrim Petroleum Corporation Headquartered in Irving, Texas, Pilgrim Petroleum Corporation is a publicly traded company (PGPM). 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.