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Pilgrim Petroleum Corp. (PGPM)

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Last Post: 6/22/2017 10:18:46 AM - Followers: 581 - Board type: Free - Posts Today: 94

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
#54578   Keep supporting ghost bid folks doing great General Grievous 06/22/17 10:20:53 AM
#54577   Looking good, ready to launch!! otcplayer 06/22/17 10:19:56 AM
#54576   She's gonna fly any second Chittalker 06/22/17 10:18:46 AM
#54575   Looking sweet here!!! PGPM$$$$$$ SRV1975 06/22/17 10:17:57 AM
#54574   RAMMING SPEED Chiron 06/22/17 10:17:25 AM
#54573   It looks like the strategy is a pump pepeoil 06/22/17 10:14:53 AM
#54572   JUST GRABBED 275k at .0053 Thanks a lot for MeLotsOfMoney 06/22/17 10:14:23 AM
#54571   Their loss. deafcone 06/22/17 10:13:46 AM
#54570   About to grab another 20-25k shares, is there WarpedMatrix77 06/22/17 10:10:17 AM
#54569   Good,we only want strong hands here. brucebill 06/22/17 10:07:05 AM
#54568   LOOKING THIN AND READY HERE Adam16 06/22/17 10:06:43 AM
#54566   Another fabulous day of trading here Lol Tutu 06/22/17 10:01:12 AM
#54565   Let's see that big bid! dipANDrip 06/22/17 10:01:03 AM
#54564   Chump change, let em leave if they want out. Icy_CT 06/22/17 09:59:41 AM
#54563   That is correct, Zero cash and zero revenue. pepeoil 06/22/17 09:51:27 AM
#54562   We need volume!! Santes8 06/22/17 09:51:27 AM
#54561   Accumulate the hell out of this stock. Load up Camelot 06/22/17 09:45:49 AM
#54560 Benjamin_F 06/22/17 09:42:42 AM
#54559   This is what we gotta do all day General Grievous 06/22/17 09:42:33 AM
#54558   Nice to see you here. You were in Ow*p alexjames81 06/22/17 09:42:21 AM
#54557   Please continue whacking the bid to me :-D dipANDrip 06/22/17 09:42:08 AM
#54556   Load up all you can afford. This is not Camelot 06/22/17 09:41:10 AM
#54555 Benjamin_F 06/22/17 09:40:25 AM
#54554   In-case-you-missed-them. Two_Good_Articles This Week!! Benjamin_F 06/22/17 09:37:46 AM
#54553   people are so stupid smart money is going dvdyo66 06/22/17 09:36:28 AM
#54552   Mm manipulation ! How many will Punisherzx 06/22/17 09:36:24 AM
#54551   What time should we sync our watches to Heffaysurf 06/22/17 09:34:56 AM
#54550   359k sold at 0051?....BIG DUMMY!!!!!! Don Quixote 06/22/17 09:33:58 AM
#54549   some really odd movement kontente 06/22/17 09:32:39 AM
#54548   penny land is coming here next week. Camelot 06/22/17 09:32:09 AM
#54547   such a nice close yesterday off of lows... Murray 06/22/17 09:29:33 AM
#54546   The more bashers the better, get a grip red dog 1 06/22/17 09:28:14 AM
#54545   PGPM LETS GOOOOOO!!!!!!!! Punisherzx 06/22/17 09:28:09 AM
#54544   PGPM time to go hard on the ask !!!! Alinswift 06/22/17 09:26:47 AM
#54543   Buon PGPM Giorno Pepe. If we have Benjamin_F 06/22/17 09:24:22 AM
#54542   The issuer has a working capital deficit. integral 06/22/17 09:22:28 AM
#54540   I have a question. Assuming there is massive shorting CEOs 06/22/17 09:20:51 AM
#54539   Shit, do you even look at IHubs Sub-Penny/Trip alabama96 06/22/17 09:20:46 AM
#54538   I agree the predictions are ridiculous, but ain't head22 06/22/17 09:19:29 AM
#54537   Boom! silkyballer 06/22/17 09:16:29 AM
#54536   Good morning :).... PGPM silkyballer 06/22/17 09:16:08 AM
#54534   Might as well say jackberabbid 06/22/17 09:09:05 AM
#54533   Patient PGPM shareholders will see lots of gains HUSTLA 06/22/17 09:04:35 AM
#54532   WE dont need luck we have pgpm on red dog 1 06/22/17 09:03:25 AM
#54531   GM all Perk71 06/22/17 08:59:30 AM
#54530   PGPM: A Pinky stock without Toxic Convertible Tadaaa 06/22/17 08:57:53 AM
#54529   No cash??? How did they file all alabama96 06/22/17 08:55:41 AM
#54528   Good morning PGPM gem holders. HUSTLA 06/22/17 08:54:02 AM
#54527   Loading the boat today Good luck everybody Doubledown75 06/22/17 08:52:24 AM