Pilgrim Petroleum Announces Subordinated Notes and New Drilling and Development Programs

DALLAS, March 29 /PRNewswire-FirstCall/ -- Pilgrim Petroleum Corporation (Pink Sheets: PGPM) (FWB:PHV), an independent oil and gas company based in Dallas, Texas, has called all financial notes due to Pilgrim Petroleum from Arcland Energy for the previous sale of Lariat Energy and American Petroleum for a sum totaling $10 million.  In addition, we are pleased to announce our first joint venture partnership focusing on the drilling of a discovery well in Northwest Texas.  Pilgrim will retain approximately 30% ownership and will act as the Managing Venturer for the project.  Finally, workover developments have been ongoing to include lease due diligence and engineering studies as well as business development with our nitrogen injection technology.  These efforts are being lead by our Chief Technology Officer, Dan Foster.  In 1973, Mr. Foster began working in research and development of enhanced oil recovery systems utilizing steam, nitrogen and carbon dioxide.  Mr. Foster has over 30 years experience in oil and gas operations, natural gas processing, and enhanced oil recovery applications deployment and testing.  

About Pilgrim Petroleum Corporation

Headquartered in Dallas, Texas, Pilgrim Petroleum Corporation is a publicly traded company (OTC: PGPM.PK) (Frankfurt: PHV.F). The company is acquiring oil and gas leases, producing properties, mineral rights and surface interests primarily on marginal fields, 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.

2010 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. For more information see our website at www.bpetroleum.com or contact our IR Fax number at 972-381-0401.

SOURCE Pilgrim Petroleum Corporation

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