PGPM Pilgrim Petroleum Corporation (CE)

Pilgrim Petroleum Corporation (Pink Sheets:PGPM), an independent oil and gas company, announces today its oil well reactivation program will complete five additional wells in its Climax Lease before the end of the year. The company estimates these additional wells will increase Climax production by approximately 10-12 barrels per well, adding at least 50 barrels per day, or 1,500 barrels per month, upon full completion. Pilgrim Petroleum continues to focus on increasing production levels through internally generated development opportunities. In addition, we are currently working to setup a new drilling site on the same area with a potential of at least 250 bpd to 300 bpd. Pilgrim Petroleum Corporation Vice President of Operations Jeffrey Fanning said, "Pilgrim�s Reactivation Program is making significant progress toward our year end results. Operations will continue to bring back more inactive wells into production, capitalizing on our best resources to improve recovery levels.� About Pilgrim Petroleum Corporation Headquartered in Irving, 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 primary on marginal fields. Once acquired, the company intends to develop each property to maximize the income from each 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. Pilgrim Petroleum Corporation (Pink Sheets:PGPM), an independent oil and gas company, announces today its oil well reactivation program will complete five additional wells in its Climax Lease before the end of the year. The company estimates these additional wells will increase Climax production by approximately 10-12 barrels per well, adding at least 50 barrels per day, or 1,500 barrels per month, upon full completion. Pilgrim Petroleum continues to focus on increasing production levels through internally generated development opportunities. In addition, we are currently working to setup a new drilling site on the same area with a potential of at least 250 bpd to 300 bpd. Pilgrim Petroleum Corporation Vice President of Operations Jeffrey Fanning said, "Pilgrim's Reactivation Program is making significant progress toward our year end results. Operations will continue to bring back more inactive wells into production, capitalizing on our best resources to improve recovery levels." About Pilgrim Petroleum Corporation Headquartered in Irving, 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 primary on marginal fields. Once acquired, the company intends to develop each property to maximize the income from each 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.