4400 Westgrove Dr
E-Mail : Rafael Pinedo rpinedo@bpetroleum.com Chairman
E-Mail : Matt O'Bryant mobryant@bpetroleum.com President & COO
214-764-3141
| 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
RAFAEL PINEDO
Telephone______ 214-687-0015
Fax____________ 214-687-0019
Email__________ RPINEDO@BPETROLEUM.COM
State of Incorporation: DE
Year of Incorporation: 1998
Officers:
Rafael Pinedo, Chairman / E-Mail : rpinedo@bpetroleum.com
Matt O'Bryant, President & COO mobryant@bpetroleum.com
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
3-29-2011 Statement of acquisition of beneficial ownership by individuals
http://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001441336&owner=exclude&count=40 July 15, 2010 March 31, 2010 March 31, 2010 QuarterlyReport http://www.otcmarkets.com/otciq/ajax/showFinancialReportById.pdf?id=34175 July 1, 2010 Apr 13, 2010, 11:08 ET Apr 27, 2010, 10:54 ET Mar 29, 2010, 08:59 ET Mar 16, 2010, 11:34 ET Mar 03, 2010, 18:24 ET Pilgrim Petroleum Announces Stock Dividend and Buyback
Oct 23, 2008 11:17 ET Pilgrim Petroleum Announces Update to Shareholders, Dividend and Buyback Exchange and Operations Update
Sep 18, 2008 11:56 ET Pilgrim Petroleum Announces Re-Alignment of Its Corporate Strategy
Aug 26, 2008 08:30 ET Pilgrim Petroleum to Participate in North American Prospect Exhibit (NAPE) Expo
Aug 20, 2008 11:21 ET Pilgrim Petroleum Announces Buyout and Dividend Distribution Update
Aug 11, 2008 09:08 ET Pilgrim Petroleum Corporation Reports Second Quarter 2008 Results
Jul 31, 2008 13:16 ET Pilgrim Petroleum Announces Corporate Update to Shareholders
Jul 17, 2008 10:00 ET Pilgrim Petroleum Announces Corporate Update to Shareholders, Dividend and Buyback Exchange
Jul 11, 2008 15:43 ET Pilgrim Petroleum Cancels LOI With Frontier Energy Corporation
Jun 25, 2008 12:32 ET Pilgrim Petroleum Announces Progress Update, Forecast Results for Q2 and New Appointment
Jun 19, 2008 11:39 ET Pilgrim Petroleum Signs LOI for Cowan Project With Frontier Energy
May 29, 2008 11:38 ET Rapport de Pilgrim Petroleum sur l'évaluation des ressources extractibles rentables dans les comtés d'Archer et de Wichita
May 21, 2008 10:33 ET Pilgrim Petroleum Report on Economic and Potential Recoverable Assessment in Archer and Wichita County Interests
May 20, 2008 12:58 ET Pilgrim Petroleum Files a Drilling Permit on Wilbarger County
May 16, 2008 10:38 ET Pilgrim Petroleum Announces Projected EPS for 2008
May 12, 2008 07:45 ET Pilgrim Petroleum Corporation Reports First Quarter 2008
Apr 29, 2008 08:13 ET Pilgrim Petroleum Appoints Veteran Oil Executive as E & P Consultant
Apr 15, 2008 09:33 ET Pilgrim Petroleum Announces Projections on Q1 Financial Results 2008
Mar 31, 2008 15:34 ET Pilgrim Petroleum Announces Update in Operations for Q1 2008
Mar 14, 2008 11:35 ET Pilgrim Petroleum Announces Boost Oil Production and Progress Update in Operations for Q1 2008
Feb 25, 2008 10:56 ET Pilgrim Petroleum Announces President Year-End Report and Operation Update
Feb 14, 2008 11:28 ET Pilgrim Petroleum Reports EPS $0.06 for Fiscal 2007
Feb 12, 2008 15:24 ET Pilgrim Petroleum Reports 2007 Record Profitability and Performance
Jan 31, 2008 10:56 ET Pilgrim Petroleum to Participate in North American Prospect Exhibit (NAPE) Expo
Jan 24, 2008 11:39 ET Pilgrim Petroleum to Acquire Additional Production and Acreage in Palo Duro Basin
Jan 04, 2008 10:22 ET Pilgrim Petroleum Reports Forecast Production for 4Q 2007
Dec 19, 2007 10:00 ET Pilgrim Petroleum Announces Stock Dividend and Operations Update
Dec 11, 2007 11:38 ET Pilgrim Petroleum kündigt 25-prozentige Aktiendividende an
Nov 27, 2007 23:02 ET Pilgrim Petroleum Announces 25% Stock Dividend
Nov 27, 2007 17:24 ET Pilgrim Petroleum meldet Gewinn je Aktie von 0,01 $ und neues KGV
Nov 05, 2007 14:40 ET Pilgrim Petroleum Reports EPS of $.01 and New P/E Ratio
Nov 05, 2007 08:05 ET Pilgrim Petroleum Announces Corporate Update to Shareholders
Oct 31, 2007 11:33 ET Pilgrim Petroleum Reports Third Quarter 2007 Financial Results
Oct 26, 2007 11:07 ET Pilgrim Petroleum Signs LOI for Sutton Farm Project, Wichita County, TX
Oct 17, 2007 10:28 ET Pilgrim Petroleum to Acquire Production and Acreage in Palo Duro Basin
Oct 04, 2007 11:09 ET Pilgrim Petroleum Announces Progress Update, Forecast Results for Q3 and New Appointments
Sep 13, 2007 09:49 ET Pilgrim Petroleum Updates the Investment Community in All-News Interview With TraderGains.com
Aug 28, 2007 10:23 ET Pilgrim Petroleum Announces Progress Update in Operations
Aug 10, 2007 09:55 ET Pilgrim Petroleum Plans to Generate Additional Production on Wilbarger County Prospect by Reworking Shut-In Wells
Jul 30, 2007 09:43 ET Ergebnisse des zweiten Quartals von Pilgrim Petroleum
Jul 26, 2007 15:30 ET Pilgrim Petroleum to Become Fully Reporting Company
Jul 26, 2007 10:08 ET Investment Alerts for MTNA! May 8, 2006
May 08, 2006 10:26 ET Rafael Pinedo, CEO & President of Pilgrim Petroleum Corp., Talks With Traders Nation -- Oil and Gas Exploration, Proven Reserves, High Net Revenue, 12,000 Acre Portfolio, Property
Feb 15, 2006 15:03 ET |
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Latest SEC Filings
Pilgrim Petroleum Inc. (0001371129) / Arcland Energy Corp. (0000352912)
| Estimated Market Cap $ | $460,984 | a/o Nov 22, 2010 | | Outstanding Shares | 1,152,459,514 | a/o Jun 30, 2010 | |
| Authorized Shares | 2,000,000,000 | a/o Jun 30, 2010 | | Float | 903,297,039 | a/o Jun 30, 2010 | |
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