American BNP Petroleum Corporation Announces Change of Name to Pilgrim Petroleum Corporation (PGPM) IRVING, Texas, June 30 /PRNewswire-FirstCall/ -- BNP Petroleum Corporation (OTC Pink Sheets: BPET), a result of our early acquisition of American Petroleum Corporation, our Texas operator with a variety of technology products and services, announced today that it has finalized a merger buy-out acquisition and its name change to Pilgrim Petroleum Corporation effective immediately. The Company's new trading symbol is PGPM, also effective July 1st 2005 at market open. Pilgrim Petroleum Director Rafael Pinedo clarified today a name conflict between "BNP Petroleum, our Delaware Corporation, and BNP Petroleum, based in Houston, Texas" and also clarified no relationship or any knowledge of "radioactive drill bits"; our focus is re-establishing oil production on Pilgrim Petroleum's leases over the coming months and aggressively acquiring high quality leases with marginal production and implementing new recovery techniques. About Pilgrim Petroleum Corporation: Headquartered in Irving, Texas, Pilgrim Petroleum Corporation is a publicly traded independent oil and gas company. The company is acquiring marginal 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," "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. 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. P: 214-687-0000 ext 240 Eric Harris DATASOURCE: BNP Petroleum Corporation CONTACT: investor relations, Edward Monet of Tribe Investment Partners, Inc., +1-888-309-5220, ext. 83, for BNP Petroleum Corporation Web site: http://www.bpetroleum.com/

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