PGPM Pilgrim Petroleum Corporation (CE)

Pilgrim Petroleum Corporation (Pink Sheets:PGPM), announced today its production rate is estimated to increase at least 5% compared to last quarter as a result of its plugging, re-working and re-activation program on Climax, Meldon White, Lilly Hooks. Our field services department in conjunction with Basic Energy Services (NYSE:BAS) has been working on plugging and bringing more wells on line as soon as possible, before starting the upcoming 2007 drilling program, to fully develop our estimate reserves. Pilgrim�s strategic alliances and its re-activation program have been of significant importance to the company�s overall financial performance during the year 2006. They have contributed to incremental improvements in production rates, logistics and cost reductions. While the company continues streamlining operations, Pilgrim is actively searching for partnerships to venture on developing its exploration program scheduled to start in 2007. Rafael Pinedo, President of Pilgrim Petroleum Corporation, said, "Pilgrim Petroleum is steadily achieving its corporate objectives, keeping focus on higher financial and operational performance goals and enhanced shareholder value." 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 effects 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.