Pilgrim Petroleum Operational Update Summer 2010

DALLAS, July 1 /PRNewswire-FirstCall/ -- Pilgrim Petroleum Corporation (Pink Sheets: PGPM) (FWB: PHV) continues to engage investors for both re-work and discovery well projects in Archer and Wichita Counties, Texas.  Pilgrim is also in negotiations with investment banking advisors concerning capital acquisition through equity and/or hydrocarbon interests and the negotiation of capitalization instruments from interested investment parties as well as the negotiation of convertible notes soon to be payable to the company from an oil and gas exploration company.  Pilgrim is also actively seeking and negotiating additional producing property acquisitions in both Texas RRC Districts 9 and 7b.  The Company is in the process of moving its headquarters to a larger location as well as the overhaul of point of contact sources such as investor relations and the company's website.  Management of the Company feels that proper shareholder communication is a key to the success of Pilgrim Petroleum.  Lastly, changes in management will be occurring to include the retirement of Rafael Pinedo, Chairman of the company, from the board of directors.  

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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