Pilgrim Petroleum Announces 4Q Results for 2009 and Updates on Operations and Development Programs for 2010

DALLAS, March 3 /PRNewswire-FirstCall/ -- Pilgrim Petroleum Corporation (Pink Sheets: PGPM) (FWB:PHV), an independent oil and gas company based in Dallas, Texas, announced that the company will report its financial results for Q4 ending on December 31, 2009 in the next few weeks; the company is also starting new drilling and development programs in the North West Texas area.  Pilgrim Petroleum is also pleased to announce the hiring of a new Chief Operating Officer, Matt O'Bryant.  Mr. O'Bryant will be responsible for managing the day-to-day activities of the Company, including field operations, and will interface with the Company's broad advisory support.  Mr. O'Bryant's former professional focus was on both private and publicly traded energy related projects and ventures, including most recently, the ownership of an enhanced oil recovery engineering firm focused on the development of advanced pressure maintenance systems for marginal shallow wells.

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 IRFax number at 972-381-0401.

SOURCE Pilgrim Petroleum Corporation

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