PGPM Pilgrim Petroleum Corporation (CE)

Pilgrim Petroleum Corporation (Pink Sheets:PGPM), an independent oil and gas company, is pleased to announce it has renewed and signed an engagement agreement with American Capital Investment, LLC to provide financial and strategic services. Douglas Wernick, Vice President and General Counsel, will be leading PR/IR activities as well as providing consulting to Pilgrim�s corporate Investment Finance strategies in our Canada and Europe banking efforts. Pilgrim Petroleum Corporation President, Rafael Pinedo, said, "Incorporating American Capital Investment team will help Pilgrim to effectively and efficiently achieve its corporate goals and increase visibility to institutional investors.� American Capital Investment LLC provides consulting services for public and private companies with extensive expertise and experience in Corporate Finance/Capital Market services. For more information, visit: www.americancapitalipo.com. About Pilgrim Petroleum Corporation: Headquartered in Irving, Texas, Pilgrim Petroleum Corporation is a publicly traded independent oil and gas company (Pink Sheets: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 re-establishing production, refurbishing and improving the existing production and operations. 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. (C) 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. Pilgrim Petroleum Corporation (Pink Sheets:PGPM), an independent oil and gas company, is pleased to announce it has renewed and signed an engagement agreement with American Capital Investment, LLC to provide financial and strategic services. Douglas Wernick, Vice President and General Counsel, will be leading PR/IR activities as well as providing consulting to Pilgrim's corporate Investment Finance strategies in our Canada and Europe banking efforts. Pilgrim Petroleum Corporation President, Rafael Pinedo, said, "Incorporating American Capital Investment team will help Pilgrim to effectively and efficiently achieve its corporate goals and increase visibility to institutional investors." American Capital Investment LLC provides consulting services for public and private companies with extensive expertise and experience in Corporate Finance/Capital Market services. For more information, visit: www.americancapitalipo.com. About Pilgrim Petroleum Corporation: Headquartered in Irving, Texas, Pilgrim Petroleum Corporation is a publicly traded independent oil and gas company (Pink Sheets: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 re-establishing production, refurbishing and improving the existing production and operations. 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. (C) 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.