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Pilgrim Petroleum Corp. (PGPM)

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Last Post: 6/27/2017 1:21:20 PM - Followers: 588 - Board type: Free - Posts Today: 355

Contact Info
5057 Keller Springs Rd.
Suite 300
Addison, TX 75001
Phone: 972-655-9870
PGPM Security Details
Share Structure
Market Value1
a/o Apr 28, 2017
Authorized Shares
a/o Apr 27, 2017
Outstanding Shares
a/o Apr 27, 2017
Not Available
Not Available
Held at DTC
Not Available
a/o Apr 27, 2017
Par Value




Pilgrim Petroleum Corp. is a Texas based oil and gas exploration and development (E&D) company with domestic producing crude oil and natural gas properties. The company has positioned itself and its shareholders to take advantage of the supply needs in the energy sector by providing domestically produced resources. We currently hold crude oil and natural gas reserves with the majority of acreage in shallow formation fields for low cost exploration, drilling and production. The company's management and operational team have extensive oil and gas industry expertise as well as capital market experience. Our combined strengths allow the company to run at maximum efficiency while exploiting the full potential of our properties to maximize production.

Pilgrim acquired more than 100 wells in Archer, Wichita County, Northwest Texas, most of which had been shut-in in 2001 when the Railroad Commission of Texas changed the requirements for bonding operators in Texas. This has resulted in an exceptional program.

Currently, Pilgrim Petroleum is concentrating its efforts in the Lilly Hooks Field, where three Sand Zones are oil productive across the entire Field. The D Zone is the principal producer, with non-proven reserves of about 100,000 barrels per well. The A and B Zones have reserves of about 25,000 barrels each. Pilgrim owns more than 80 old wells in the area, currently being recompleted and it will be drilling new wells as soon as the recompletion program of all wells is achieved.

The Barnett Shale growth, one of the hottest domestic natural gas reserves, has been very impressive, from around 275 mmcfd in late 1999 to around 900 mmcfd today, it mostly comes from the areas of Denton, Tarrant and Wise counties.

The Barnett Shale formation in the Fort Worth Basin stretches over 5,000 square miles, and across 10 counties. At a depth of between 7,000 and 9,000 feet, the layered rock formation, which is unusually rich in raw materials, demonstrates strength of 400 to 900 feet and is the most productive gas field in all of the U.S.

Our (early-stage)estimations to calculate the Potential Oil Reserves underlining our properties in the Bend Arch-Fort Worth Basin Province are based on volumetric calculations. Based on approximately 12,000 acres of proven and unproven undeveloped fields, assuming 500 feet thickness of this play is oil pay and an average potential production of those fields, the potential volume of recoverable reserves were calculated. It is worth mentioning that the thickness chosen is required to accurately count net effective reservoir quality rock (e.g. sand) and it is also used to construct net pay isochore maps for volumetric reserve calculations.


Investor Relations contact

American Capital Investment LLC
Edward Monet
phone 619-864-0166
fax 619-269-6496

Telephone______ 214-687-0015 
Fax____________ 214-687-0019 


State of Incorporation: DE
Year of Incorporation: 1998

Rafael Pinedo, Chairman / E-Mail :

Matt O'Bryant, President & COO

Stephen Richardson, VP

Dan Foster, CTO
Michael Brown, Counsel

Formerly BNP Petroleum Corp.*
until 7-05 (*Pilgrim Petroleum is not affiliated, nor has been affiliated with
 BNP Petroleum, Corp. based on Corpus Christi and Houston, Texas)

 Transfer Agent

Securities Transfer Corp.
2591 Dallas Pky.
Suite 102
Frisco, TX 75034


Gustavson Report

September 28, 2006 

September 28, 2006 

Mr. Raphael Pinedo

President and CEO

Pilgrim Petroleum Corporation

3050 Regent Blvd. Suite 170

Irving, TX 75063

Re: Future Net Revenue Forecast

Prospective Resources

Pilgrim Petroleum Corporation

Archer & Wichita Counties, Texas

Dear Mr. Pinedo:

This letter report contains an estimate of future net revenues and net present value discounted at 10 percent for the prospective resources characterized in the National Instrument 51-101 report prepared by Gustavson Associates, LLC for Pilgrim Petroleum Corporation effective September 15, 2006. These estimates are based on the "best estimate" prospective resources.

As per the Canadian Oil and Gas Evaluation (COGE) Handbook definitions, the subject resources are categorized as Undiscovered Resources, and further sub-categorized as Prospective Resources.

The geologic risk of discovering these resources has not been incorporated in the future net revenue forecast.

The estimates herein do not represent fair market value.

The estimates herein are before deductions of income tax.

The estimates herein do include deductions for estimated future well abandonment costs.

Production forecasts used in these estimates were based on publicly available data on Chappel pinnacle reefs in the Bend Arch-Fort Worth Basin area. The data were only partially complete, and some interpolation was necessary to generate production forecasts. The forecasts are considered to be reasonable.

The following are the estimated future net revenues (before deductions of income taxes) attributed to undiscovered resources, estimated using forecast prices and costs and calculated using a discount rate of 10 percent:

Estimated Future Net Revenues (before income taxes) = $102,370,000

Net Present Value of Future Net Revenues (10% discount rate) = $52,050,000

Attached is a detailed production and revenue forecast.

Respectfully submitted,

Letha C. Lencioni

Chief Reservoir Engineer



Future Net Revenues Forecast, Prospective Resources, Pilgrim Petroleum Corporation

MISSISSIPPIAN CHAPPEL PINNACLE REEF PROSPECTDATE: 09/28/06BEND ARCH-FORT WORTH BASIN TIME: 10:09RESOURCE DEVELOPMENT POTENTIAL CASHFLOWSFILE: WORKTO PILGRIM PETROLEUM CORP. INTERESTSP R O D U C T I O N A N D E C O N O M I C SAS OF September 15, 2006 WELLHEAD--PRICES-----------OPERATIONS, M$--------10.00 PCT-END-EVALUATED INTEREST---GROSS PRODUCTION-------NET PRODUCTION----OILGASNET OPERSEV+ADVNET OPERCAPITALCASH FLOWCUM. DISCMO-YRWORKINGNETOIL, MBBLGAS, MMCFOIL, MBBLGAS, MMCF$/B$/MREVENUESTAXESEXPENSESCOSTS, M$BTAX, M$BTAX, M$-------------------------------------------------------------------------------------------------------------------------------12-06100.00%76.40%0.0000.0000.0000.00059.954.970.0000.0000.0000.0000.0000.00012-07100.00%76.40%29.659128.46622.65998.14864.836.702,126.230138.13048.7045,561.700-3,622.305-3,358.86912-08100.00%76.40%207.674959.343158.663732.93870.376.8516,189.5831,052.307416.7967,161.4627,559.0193,013.20512-09100.00%76.40%239.783681.326183.194520.53370.926.6716,462.6431,022.564543.7700.00014,896.30914,428.87512-10100.00%76.40%207.417495.778158.467378.77468.326.2213,182.599806.548554.6380.00011,821.41322,664.55412-11100.00%76.40%179.421405.189137.077309.56567.916.1311,205.819682.549565.7230.0009,957.54628,971.07312-12100.00%76.40%155.203348.996118.575266.63368.206.289,762.213595.272577.0610.0008,589.88033,916.81812-13100.00%76.40%134.254309.906102.570236.76868.496.448,550.585523.062588.5950.0007,438.92837,810.51712-14100.00%76.40%116.133280.76888.725214.50768.796.607,519.727462.179600.3580.0006,457.19040,883.09512-15100.00%76.40%100.457258.01376.749197.12269.096.776,636.365410.323612.3570.0005,613.68543,311.46312-16100.00%76.40%86.898239.63366.390183.07969.386.945,876.229365.893624.6300.0004,885.70645,232.79012-17100.00%76.40%75.169224.40457.429171.44469.687.115,220.418327.681637.1140.0004,255.62346,754.19412-18100.00%76.40%65.022211.53049.677161.60969.987.284,653.649294.738649.8470.0003,709.06447,959.65412-19100.00%76.40%56.246200.47042.972153.15970.297.464,163.271266.288662.8350.0003,234.14848,915.21012-20100.00%76.40%48.654190.84137.172145.80270.597.653,738.664241.692676.1190.0002,820.85349,672.88612-21100.00%76.40%42.087182.36432.154139.32670.897.833,370.825220.413689.6320.0002,460.78050,273.76012-22100.00%76.40%36.406174.83027.814133.57071.208.023,052.073201.995703.4150.0002,146.66350,750.28012-23100.00%76.40%31.492168.07924.060128.41371.518.222,775.829186.052717.4740.0001,872.30351,128.11412-24100.00%76.40%17.618161.98713.460123.75871.828.422,008.401142.682731.853600.000533.86651,226.055S TOT1,829.5905,778.3781,397.8074,414.68069.366.92127,525.6438,027.96210,836.92913,323.16295,337.58951,343.954REM.0.0001,535.4650.0001,173.09569.369.9811,706.274995.0333,228.627450.0007,032.613705.953TOTAL1,829.5907,313.8421,397.8075,587.775.367.57139,231.9179,022.99614,065.55713,773.162102,370.20352,049.907 CUM.00NET OIL REVENUES (M$)96,955.766---------PRESENT WORTH PROFILE---------NET GAS REVENUES (M$)42,276.150DISCPW OF NETDISCPW OF NETULT.1,829.5907,313.842TOTAL REVENUES (M$)139,231.917RATEBTAX, M$RATEBTAX, M$--------------------------BTAX RATE OF RETURN (PCT)>100%PROJECT LIFE (YEARS)310%102,370.20330%21,784.871BTAX PAYOUT (YEARS)1.48DISCOUNT RATE (PCT)102%87,256.89935%18,376.906BTAX PAYOUT (DISC, YEARS)1.53GROSS OIL WELLS84%75,461.00440%15,684.003BTAX NET INCOME/INVEST8.43GROSS GAS WELLS68%58,385.47645%13,515.609BTAX NET INCOME/INVEST (DISC)4.78GROSS WELLS1410%52,049.90750%11,741.85012%46,735.97560%9,038.31115%40,218.02770%7,101.54518%35,004.49480%5,666.91620%32,080.69690%4,575.70525%26,198.252100%3,727.625




Latest Press Release


Apr 27, 2017

                        Pilgrim Petroleum Corporation Announces Plans to file Disclosures on OTC Markets









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PGPM News: Small Company Offering and Sale of Securities Without Registration (d) 05/31/2017 12:17:34 PM
#52681  Sticky Note 6/19/17 NEWS... Pilgrim Petroleum Corporation Approves Stock Repurchase SRV1975 06/20/17 05:10:56 AM
#45619  Sticky Note Pilgrim Petroleum Corporation Receives Commitment of $3.0 Million kontente 06/08/17 01:09:24 PM
#39437  Sticky Note 3 MILLION DOLLARS GIVEN TO PGPM BY A gh0st 05/31/17 12:35:52 PM
#56170   Can a mod sticky today's news? JBGoode 06/27/17 01:28:45 PM
#56169   PGPM, a big fish in a small pond. HUSTLA 06/27/17 01:21:20 PM
#56168   Couple of big buys going thru quietly. Nice 55cruiser 06/27/17 01:14:44 PM
#56167   seems likely. Especially since the quarter coming alabama96 06/27/17 01:12:22 PM
#56166   Since Q2 is almost over, it makes sense TESLA777 06/27/17 01:10:51 PM
#56163   At that time they had 'engaged' them, probably Santes8 06/27/17 01:06:00 PM
#56162   Good find Alabama! skichic 06/27/17 01:05:14 PM
#56161   Booooom! Great to see MadRussian 06/27/17 01:01:16 PM
#56159 Jason978 06/27/17 12:59:28 PM
#56158   B P BORGERS GETS THE CE REMOVED FROM AEXE. alabama96 06/27/17 12:59:19 PM
#56156   Down the road sorry for not saying that Doubledown75 06/27/17 12:48:57 PM
#56153   The 2017 Q1 will have to be corrected TESLA777 06/27/17 12:47:11 PM
#56152   Another incorrect post pepe. Very misleading to PGPM-ers. Benjamin_F 06/27/17 12:46:13 PM
#56151   True! skichic 06/27/17 12:42:33 PM
#56150   Makes no sense. They've announced a share buy deafcone 06/27/17 12:40:34 PM
#56149   I thought he just did it already.. from General Grievous 06/27/17 12:40:21 PM
#56148   CE removal will be huge, probably a 300+% skichic 06/27/17 12:40:17 PM
#56147   Right but down the road might happen. CE Doubledown75 06/27/17 12:39:48 PM
#56146   The Audit shouldn't take long at all. alabama96 06/27/17 12:39:02 PM
#56145   He won't have to redo the Q, just skichic 06/27/17 12:38:06 PM
#56143   This stock will go nowhere until CE is Skipper_70 06/27/17 12:35:40 PM
#56141   Agreed Tutu 06/27/17 12:33:50 PM
#56140   Yeah, lol, I looked them up too, Pepe skichic 06/27/17 12:33:35 PM
#56139   No, absolutely not. This will happen after CE skichic 06/27/17 12:31:55 PM
#56138   Here is the result from those audits, something Jason978 06/27/17 12:29:43 PM
#56137   Don't think PGPM would do a forward split skichic 06/27/17 12:27:00 PM
#56136   This has always been Rafael's problem IMHO, the TESLA777 06/27/17 12:22:22 PM
#56135   CGRA put out same press release with same pepeoil 06/27/17 12:18:55 PM
#56134   If all the DD is correct, think forward split:) Doubledown75 06/27/17 12:18:11 PM
#56133   """""" operational expertise"""""" pepeoil 06/27/17 12:17:30 PM
#56132   Better fill my bids or I will cancel Digging For Pennies 06/27/17 12:14:59 PM
#56131   how long will this take? is this what gonzilee 06/27/17 12:14:15 PM
#56130   I wonder if he plans to pay the pepeoil 06/27/17 12:13:59 PM
#56129   CEO Pinedo has lots of plans SRV!!! doogdilinger 06/27/17 12:11:57 PM
#56128   Still a waiting game. The important thing is head22 06/27/17 12:09:17 PM
#56127   yep, the highs are getting lower on these pepeoil 06/27/17 12:08:08 PM
#56126   Agree Juan...this is the news that I was SRV1975 06/27/17 12:06:52 PM
#56125   PGPM will start a solid uptrend now imo... SRV1975 06/27/17 12:05:59 PM
#56124   Was hoping for 70 today but its actually 4keywest 06/27/17 12:04:41 PM
#56123   News like this will cause more runs than legiontrade 06/27/17 12:03:50 PM
#56122   Lol and back to red Bronx111 06/27/17 12:03:06 PM
#56121   CAVEAT EMPTOR 4keywest 06/27/17 11:59:28 AM
#56120   That run was short lived Bronx111 06/27/17 11:57:47 AM
#56119   Very likely- I'm with you. bz777 06/27/17 11:56:32 AM
#56118   Market liked the news at first, but not Chiron 06/27/17 11:55:19 AM
#56117   Those who have paitence will do very well Sunnyland 06/27/17 11:53:21 AM
#56116   News can't even hold it green anymore. Sad. Chiron 06/27/17 11:52:15 AM
#56115   PGPM, I agree DOOD. Patience and let this HUSTLA 06/27/17 11:52:03 AM
#56111   What's Latin for buyer beware? MonstaGains 06/27/17 11:48:37 AM
#56110   PGPM, this is MONSTER news. Multi pennies at HUSTLA 06/27/17 11:48:11 AM