Pilgrim Petroleum in Negotiations to Acquire Additional Production, Continues Capital Acquisition for Property Re-development

DALLAS, April 27 /PRNewswire-FirstCall/ -- Pilgrim Petroleum Corporation (Pink Sheets: PGPM) (FWB: PHV) an independent oil and gas company, announced today negotiations to acquire production in Wise County, Texas in the heart of the Barnett Shale. This property has a history of production and has existing wells available for reentry; Pilgrim Petroleum will focus on refitting this property as well as other hydrocarbon lease holdings in order to create an increase in Company value.

Matt O'Bryant, President of Pilgrim Petroleum stated, "Each acquisition builds our reserve base and leads to an increase in assets and earnings. We will continue to acquire properties and bring wells online throughout 2010 in order to increase our hydrocarbon revenues."

In addition, capital acquisition through Joint Venture continues on Pilgrim's discovery well location in Archer County as well as rework package locations for leasehold interests in Archer, Wichita and Wilbarger counties, Texas. Existing well bores in these rework areas provide excellent opportunities to increase oil production through advanced enhanced oil recovery methods.

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

WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?

440k+
Newsrooms &
Influencers

9k+
Digital Media
Outlets

270k+
Journalists
Opted In

GET STARTED