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Pilgrim Petroleum Corp. (PGPM)

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Last Post: 7/21/2017 4:22:33 AM - Followers: 538 - Board type: Free - Posts Today: 6

Contact Info
5057 Keller Springs Rd.
Suite 300
Addison, TX 75001
 
Website: http://www.pilgrimpetroleum.com
Phone: 972-655-9870
Email: info@pilgrimpetroleum.com
PGPM Security Details
Share Structure
    
 
Share Structure
  Market Value1 $8,400,000 a/o Jun 27, 2017
  Authorized Shares 2,000,000,000 a/o Jun 19, 2017
  Outstanding Shares 2,000,000,000 a/o Jun 19, 2017
  -Restricted Not Available
  -Unrestricted Not Available
  Held at DTC Not Available
  Float 1,490,328,000 a/o Jun 19, 2017
  Par Value 0.0001

http://www.pilgrimpetroleum.com/images/west_texas_pumpjack.png

 



 

independent explorers opening new frontiers.

Pilgrim Petroleum Corporation is an oil and gas exploration and development (E&D) company formed to acquire, develop, and operate oil and gas properties with proven reserves. In addition, Pilgrim Petroleum is not an operator but provides oil and gas services to 3rd party operators and partners in the areas of Consulting, Development, Aviation, and Enhanced Oil Recovery. We look to develop projects where we can realise superior returns and are best placed to add value. We access these projects either by selectively making acquisitions when the market conditions allow where we believe our position is commercially advantaged, or through successful exploration. We also continue to expand our exploration portfolio through divestment and relinquishment of licences that do not meet the group’s internal metrics on a risk reward basis.

Oil and Gas Industry
Pilgrim Petroleum's experience and story dates back to 1997 where the company was founded, our parent was founded as the BNP Petroleum Company, to pursue oil and gas exploration and production activities in UK in the oil an gas industry not only develop internal hydrocarbon projects but also provide valuable data to other industry participants in the development of thier hydrocarbon assets utilizing proven methods and technologies on a revenue sharing or cost plus basis. In the current oil price environment, our priority is to take measured actions to reset our business to meet near-term priorities. Cost and capital discipline remain key to ensuring we are well placed to deliver maximum value from our exisitng production and current sanctioned developments, as well as preserving the option for long-term growth.

About

Pilgrim Petroleum Corporation

Pilgrim Petroleum Corporation 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. 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 Petroleum Corporation Focus on maximum development of existing fields in core areas, Increase our probable and proven reserve estimates through acquisitions and development of new properties, utilize innovative, cost-effective technologies such as pressure maintainance to enhance production as well as use modern technologies such as 3-D seismic and aeromagnetic surveying to reveal untapped reservoirs. Our vision is to create an exploration-led and sustainable cash generative oil and gas business offering shareholders exposure to material capital growth potential. We create, add and realise value within a self funding business, using either balance sheet cash or operating cash flow to fund exploration. We focus on identifying assets that are capable of providing significant and sustainable growth, capturing as high an equity position as possible in frontier areas, using our strong technical and commercial expertise and working with our partners to take our assets from discovery to development safely.

 

Supporting our people People are our most important asset and helping them develop their skills and abilities ensures we continue to work towards our goals. We encourage them to realise their potential and provide them with a supportive workplace in which diversity and equality are respected and valued. The health and safety of our people is also vitally important to us. Throughout our global activities we ensure our people have a healthy, safe and secure workplace.

 

Protecting the environment The safety of the environment where we operate is also vitally important to us. Throughout our global activities before operating in any new area, we assess the potential impacts of our activities in order to avoid any impact where possible, and if not possible in order to identify ways to mitigate against these and design our plans accordingly.

 

Contributing to local communities Wherever we work, we aim to develop long-term partnerships with local communities and work with them where possible to develop sustainable economic, social and environmental initiatives. We encourage local people to contribute to, and benefit from, our projects and believe that by working together we can succeed together. The benefits from our operations can include: energy, infrastructure, employment and trade with local enterprises.

Pilgrim Petroleum Corporation

Pilgrim Petroleum Corporation Provide well management services to small producers. Pilgrim provides a variety of operational services on a menu-type fee basis. Services include Basic Accounting, Marketing, Land Administration, Regulatory Consulting and Reporting, Engineering, Environmental, Pumping and Drilling Supervision and Pressure Maintainance services. We implements these services through a vast network of sub-contractors and consultants, thereby minimizing the staffing requirements to maintain a large operation. All sub-contract costs are passed through to the producer on a cost-plus basis. Pilgrim's compounded growth rate and positioning affords the Company to capitalize on acquisitions in strategic areas of interest and therefore create more opportunities for participation of investors.

Pilgrim Petroleum Corporation plans to minimize the Company's overhead and capital expenditures by subcontracting the drilling, redrilling and workover of wells to independent drilling contractors and by outsourcing other services. The Company typically compensates its drilling subcontractors on a turnkey (fixed price), footage or day-rate basis depending on the Company's assessment of risk and cost considerations on each individual project. The Company continues to seek strategic alliances with service and equipment companies, technological companies, and industry partners to maximize every dollar invested and diversify our risk.

national assessment of oil and gas fact sheet

Assessment of Undiscovered Oil and Gas Resources of the Bend Arch-Fort Worth Basin Province of North-Central Texas and Southwestern Oklahoma, 2003

U.S. Department of the Interior
U.S. Geological Survey
Fact Sheet 2004–3022
March 2004

Click the image for a closer view

geology and characteristics of the bend arch-fort worth basin

Map showing major structural elements (black lines), oil (green dots) and gas (red dots) well production, location of Newark East Field, and boundary of USGS Bend Arch-Fort Worth Basin Province (gray line). Red lines show present-day limit of Barnett Shale (Mapel et al., 1979) and purple lines are eastern limit of Woodford Shale (Comer, 1991). Blue line approximates the boundary of the Barnett-Paleozoic Total Petroleum System. Source: Pollastro, R. and others.(2003) " Assessing Undiscovered Resources of the Barnett-Paleozoic Total Petroleum System, Bend Arch–Fort Worth Basin Province, Texas". Online adaptation of presentation at AAPG Southwest Section Meeting, Fort Worth, TX, March, 2003.

Click the image for a closer view

 


 

projects

non-producing northwest texas leasehold

Pilgrim has non producing properties in Archer, Wichita and Wilbarger Counties, Northwest Texas, most of which had been shut-in.

Currently, Pilgrim Petroleum is concentrating its efforts in acquiring more prospects around the area and providing Industry services to small and medium E&P companies.

Oil Resources Estimation

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. It is worth mentioning that the thickness chosen is required to accurately count net effective reservoir quality (e.g. shale or sand) and it is also used to construct net pay isochore maps for volumetric reserve calculations.

Please refer to: Geologic Documentation by SCA to expand on thickness determination for volumetric calculations and the Bend Arch-Fort Worth Basin Province (045) study by the USGS to obtain further explanation on the characteristics of the Bend Arch-Fort Worth Basin Province and the thickness of oil pay in this area.

non- producing electra project

The Electra Rework Prospect is located in Wichita and Willbarger Counties, Texas on the northern plunge of the Bend Arch within the Bend-Arch-Fort Worth Basin geological province of North Texas. Pay zones in the target area range from as shallow as approximately +/-350 feet in total depth to +/-1850 ft or more in total depth.

Pilgrim’s operational plan calls for the rework and drilling several prospect properties starting with the shallowest formations located at 300 and 600 feet in total depth in order to increase daily production totals.  In addition, secondary and tertiary recovery methods would include the injection of heated and pressurized Carbon Dioxide and Nitrogen gases as well as chemically treated saltwater in order to increase fluid production rates.

Reworking and Drilling of the wells will utilize bid and budgeted rework assessments as well as 3rd party geophysical analysis and interpretation.  Pilgrim Petroleum will employ the services of professional petroleum consultants, engineers and geologists as required in connection with the Prospect, and all such services will be performed by professionals with which Pilgrim Petroleum has had favorable experience.

non-producing city national bank project

The City National Bank Discovery Well Prospect is located in Archer County, Texas on the northern plunge of the Bend Arch within the Bend-Arch-Fort Worth Basin geological province of North Texas. The Bend Arch is a prominent structural ridge that marks the western boundary of the Fort Worth Basin.

Pilgrim’s operational plan calls for the drilling of an exploratory well on the Prospect property to approximately 5000 feet in total depth in order to potentially access 2 geologic formations, specifically the Caddo and Ellenberger formations.  In addition, Secondary recovery methods could include the injection of heated and pressurized Carbon Dioxide and Nitrogen gases in order to increase fluid gravity and pressure.

Drilling location of the discovery well will be determined utilizing bid and budgeted geology assessments as well as 3rd party 3D seismic with interpretation.  Pilgrim Petroleum is not an operator and will employ the operator services, engineers and geologists as required.

Our Vision and Strategy

Our Business Model

  • Future exploration focused on under-explored but proven hydrocarbon basins with the potential upside at very low cost.

    Property Acquisition:

    Mineral property acquisition assistance and property due diligence services provided in multiple domestic geographic regions as well as Canada, South America, Europe and Asia. The forward focus is on under-explored but proven basins.

    Sustainability Development:

    Our strategy is focused on building sustainable long-term value growth. We deliver our business strategy whilst ensuring safe and responsible people and operations. Our approach to sustainability focuses on our commitment to managing risks and mitigating the impacts of our operations while creating shared prosperity for shareholders, governments, citizens of host countries, employees and industry partners alike. We uphold the highest standards of governance and have robust risk management processes in place, we focus on developing long-term relationships with host governments and safeguarding the communities and the environments we work within, ultimately protecting our business, people and reputation.

    Property Development and Portfolio Management:

    Property development assistance and supervision available both domestically and internationally.  Assistance with drilling, completion and engineering of hydrocarbons. Our main focus is to add high quality assets to its portfolio through selective acquisitions where its position is comercially advantaged.

    Geoscience Development:

    Geologic, geophysical and sub-surface imaging assistance provided either internally or via 3rd party qualified vendors. Services available in a variety of geoscientific specialties. offers a large library of multi-client onshore & offshore seismic data on key regions and areas. The Company's multi-client data is licensed to multiple customers through non-transferable data license and widely applied throughout most hydrocarbon exploration and production regions worldwide.

    Finance and Capital Acquisition:

    Pilgrim with clear path to paying down debt on the existing commitments and with sufficient liquidity to protect us through further oil price downturns. A well prove method of farm-out & farm-down delivery along with a conservative hedging strategy, protecting us from oil price volatility. We have strong, long-term relationships with 3rd party capital sources to include entities such as investment banks, capital pool companies, private equity, hedge funds, institutional investors.

    Download PDF pdf

    aviation services

    Geophysical Survey:

    Aeromagnetic surveying services for both mineral and hydrocarbon exploration.  Delivered via single engine plane mount or helicopter wench mount.  On board real time data processing and storage is analyzed for the identification of mineral and hydrocarbon deposits.  Useful in locating specific "basement targets" in deep hydrocarbon exploration and to map faulting within the sedimentary sections.

    Pipeline Patrol:

    Pipeline patrol and right-of-way inspection services for the oil, gas and utility industries delivered via aircraft.  Helicopter and single engine plane deployment available.

    Property Patrol:

    Property patrol and inspection services for the soft and hard mineral industries delivered via aircraft.  Helicopter and single engine plane deployment available.

    Aerial Photography:

    Photography via aircraft for mineral and hydrocarbon property surveying and promotion.  Photo sets available for both large and small property tracts at multiple altitudes.

    Flights On-Demand:

    Executive and crew deployment over broad geographic operating areas, could include transport for special purpose personnel as well as client or investor fly-over.

    Download PDF pdf

    pressure maintenance service

    All EOR equipment and processes utilized in a candidate reservoir are engineered to specifications provided to the fabricator by Pilgrim Petroleum and is always determined by candidate reservoir properties. (i.e. depth, permeability, porosity, pay zone thickness, oil composition, etc.) A 30 to 90 day manufacturing lead time would be required for any of the systems below.  Below is a listing of pressure maintainance systems that could be applied to well sites through a relationship with Pilgrim Petroleum Corporation. Low BTU, non-commercial grade natural gas use is possible for all three system types.

    Nitrogen Injection:

    System for extracting nitrogen from an air stream. Cost is dependant primarily on injection break-in pressure and volume desired. This system can be designed for mobile or stationary applications. Feed source air can come from Electric, Natural Gas, or Diesel Compression with Electric Compression providing the lowest operational costs.

    Flue Gas Injection:

    System where the fuel is used twice, once to generate compressor horsepower as well as the inert gases to be injected, Nitrogen, and Carbon Dioxide. This design creates no atmospheric emissions and can be used for long-term inert gas drives and re-pressuring projects. Biodiesel fuel can be used if a propane or natural gas is not available. This system can be designed for mobile or stationary applications where higher injection volumes and pressures are required.

    Thermal Injection:

    Field tested, Sandia National Labs tested, equipment for producing on-site pressurized Carbon Dioxide, Nitrogen, and Steam. Also has an application for well bore washing and/or Paraffin control. Cost is dependant primarily on injection break-in pressure. Extremely well suited for use in a Steam Assisted Gravity Drainage heavy oil development.

    investor

    Corporate Governance

    The Board is accountable to shareholders for sustainable financial performance and long-term shareholder value. It meets these aims by approving the Group’s strategy and ensuring that the necessary resources are in place to achieve the agreed strategic aims and objectives. It determines the Company’s key policies and reviews management and financial performance. The Board operates within a framework of controls and these clear procedures, lines of responsibility and delegated authorities allow risk to be assessed and managed effectively. These are underpinned by the Board’s work to set the Group’s core values and standards of business conduct and ensure that these, together with the Group’s obligations to its stakeholders, are widely understood across all its activities.The Board, as part of its role in providing strategic oversight and stewardship of the Company, is responsible for maintaining a sound risk management and internal control system. As part of that system, the Board determines principal risks and sets respective risk tolerance/appetite levels.
     

    company at a glance


    Stock Symbol: US OTC: PGPM
    Stock Exchange: OTC
    State of Incorporation: (Delaware) (Wyoming) (Texas)
    Formerly BNP Petroleum Corporation until 7-05
    Pilgrim Petroleum Corporation is a subsidiary of Pilgrim Petroleum PLC (Private Corporation)

     

    BOARD COMPOSITION

    The Board currently comprises a Chairman, Chief Executive Officer, other Executive Directors. Together, they bring a broad range of business, commercial and other relevant experience. The Board are of the view that there is an appropriate balance of skills, experience, independence and diversity of background amongst the members to carry out duties and responsibilities effectively. The Board has established the following principal Committees, each of which has written terms of reference (approved by the Board) setting out its authority and duties: Audit Committee, HR Committee,Legal Committee, EHS Committee, Ethics and Compliance Committee.
     

    Management and Board:


    Samuel Carl Smith, Chairman, CEO and Director


    Malik Hussain, VP of Exploration, Director


    Gerald Moreland, VP of Field Services


    Corporate Address USA:
    5057 Keller Springs Drive, Suite 300
    Addison, TX 75001
     
     
    Transfer Agent:
    Securities Transfer Corporation
    2591 Dallas Parkway
    Frisco, TX 75034

    Certified Public Accountant:
    Bulloch Dupertuis Seger & Company
    17101 Preston Road
    Dallas, TX 75248

 

Latest Press Releases

Apr 27, 2017

                        Pilgrim Petroleum Corporation Announces Plans to file Disclosures on OTC Markets

May 10, 2017
Pilgrim Petroleum Corporation Issue Letter to Shareholders 

May 25, 2017
Company Announces letter to Shareholders
Jun 8, 2017
Pilgrim Petroleum Corporation Receives a Commitment of $3.0 Million Working Capital
Jun 13, 2017
Pilgrim Petroleum Corporation Business Operations Remain Normal
Jun 19, 2017
Pilgrim Petroleum Corporation correct statement concerning outstanding and issued shares
Jun 19, 2017
Pilgrim Petroleum Corporation Approves Stock Repurchase and Retirement Program
 
Jun 27, 2017
Pilgrim Petroleum Corporation Retains BF Borgers CPA Firm to Become a Fully Reporting SEC Company

June 29, 2017 Pilgrim Petroleum Corporation announce a board of directors restructuring and appointing a new CEO and Chairman and update to shareholders
http://www.otcmarkets.com/stock/PGPM/news/Pilgrim-Petroleum-Corporation-announce-a-board-of-directors-restructuring-and-appointing-a-new-CEO-and-Chairman-and-update-to-shareholders?id=163555&b=y

June 29, 2017 SEC Suspension
https://www.sec.gov/litigation/suspensions/2017/34-81055-o.pdf

July 7, 2017 Pilgrim Petroleum Corporation Announce Update to Shareholders
http://www.otcmarkets.com/stock/PGPM/news/Pilgrim-Petroleum-Corporation-Announce-Update-to-Shareholders-?id=163664&b=y

From PGPM CEO 7/18/17:    
Good Afternoon,
An update will be published by the end of the week as we're in the final steps to execute contracts and changes to our general strategy.

I appreciate the interest and patience of all our shareholders but I would like the opportunity to speak with a couple individuals who appear to be critics of our actions.
(Names deleted here to protect privacy)

Send me an inbox message with your name and contact number so I may be able to answer specific questions and concerns, and I want to make sure you have legitimate reasons for your statements.

 

 

 

 


 

PGPM
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Volume:
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PGPM News: Small Company Offering and Sale of Securities Without Registration (d) 05/31/2017 12:17:34 PM
PostSubject
#59159  Sticky Note PR from CEO https://www.prlog.org/12650884-pilgrim-petroleum-corporation-annou NephewRR 07/07/17 02:26:43 PM
#57725  Sticky Note PGPM's PR in response to the suspension>>>Pilgrim Petroleum doogdilinger 06/30/17 03:06:31 PM
#57258  Sticky Note https://www.sec.gov/litigation/suspensions/2017/34-81055-o.pdf alabama96 06/30/17 10:18:50 AM
#61580   There will be an audit for sure. PGPM Skipper_70 07/21/17 04:22:33 AM
#61579   Yes please let us know???asap I am airman1 07/21/17 01:30:25 AM
#61578   I meant all shareholders !! airman1 07/21/17 12:37:51 AM
#61577   CEO should update larger shareholders soon?? Still no proven fraud.. airman1 07/21/17 12:19:58 AM
#61576   Buy Fear, Sell Greed.....Which do we have here??? PGPM Chartmaster 07/21/17 12:13:33 AM
#61575   I like your post, 4's being bought up, Chartmaster 07/21/17 12:03:49 AM
#61574   Nickie63, this is what the new moderator Chartmaster awesomebummer 07/20/17 11:40:20 PM
#61573   lolol. it's not even the best of suspended lucky,mydog 07/20/17 08:51:19 PM
#61572   PGPM solid stock Best of otc imo droopyeyes 07/20/17 08:50:22 PM
#61571   Glad to see you working on things and Punisherzx 07/20/17 07:46:26 PM
#61570   someone sell me their shares 8 mil at jessejames001 07/20/17 07:30:28 PM
#61569   Yes yes Mr. CEO..we as current shareholders holdin airman1 07/20/17 06:15:09 PM
#61567   There will never be an audit. Not by tdbowieknife 07/20/17 06:11:28 PM
#61566   CEO , do you still expect to give Nickie63 07/20/17 05:38:29 PM
#61565   PGPM Time & Sales: Helter Skelter 07/20/17 04:57:52 PM
#61564   Best post. penny2dollaz 07/20/17 04:51:40 PM
#61562   link for twitter please ? Tia gilbertduiker 07/20/17 04:09:52 PM
#61561   I think that is a great idea! Heffaysurf 07/20/17 03:34:23 PM
#61560   That is a very good synopsis. Thank you. integral 07/20/17 03:14:25 PM
#61559   The issuer is defunct. integral 07/20/17 03:11:58 PM
#61558   It filled. :D $PGPM eldoradoJACK 07/20/17 02:47:29 PM
#61557   PGPM audit would solidify/relieve a lot of concerns HUSTLA 07/20/17 02:41:46 PM
#61556   Raise it more!LOL! I gave my shares for junejunju 07/20/17 01:54:58 PM
#61554   Keep it Fake....that's will move it along. OTC LIFE! Mac-A-Million 07/20/17 01:44:24 PM
#61553   I just raised it to .0004...still crickets eldoradoJACK 07/20/17 01:08:12 PM
#61552   From twitter: How can the CEO make 8million dollars. shindigger 07/20/17 01:06:56 PM
#61551   Selling is drying up Bronx111 07/20/17 01:03:51 PM
#61550   An audit would be the last thing this elkonig 07/20/17 01:00:28 PM
#61549   Raise your bid! 0004 up ! I'M sure junejunju 07/20/17 12:56:25 PM
#61548   More baloney new company CEO with PR's fins airman1 07/20/17 12:53:43 PM
#61547   Potentially bogus filings, pump and dump, you name vdivita89 07/20/17 12:49:41 PM
#61546   What seems to be the problem here with elkonig 07/20/17 12:44:16 PM
#61545   Yeah let me hurry up and sell my vdivita89 07/20/17 12:21:36 PM
#61544   I need an 8 mil order filled at jessejames001 07/20/17 12:21:34 PM
#61543   2's and 3's seem to be gobbled up. jessejames001 07/20/17 12:19:22 PM
#61542   I've got bids at 3's but they are eldoradoJACK 07/20/17 12:18:37 PM
#61541   "The end is near", "Sky is falling", "No Chartmaster 07/20/17 12:11:23 PM
#61538   Yes the end of PGPM as we know elkonig 07/20/17 11:57:58 AM
#61536   you think I should sell all my shares now? lucky,mydog 07/20/17 11:52:35 AM
#61535   Gee, you think I should sell all my Chartmaster 07/20/17 11:51:39 AM
#61534   If you are talking about College football - I-Glow 07/20/17 11:45:02 AM
#61533   volume dwindling as stock becomes illiquid. lucky,mydog 07/20/17 11:43:00 AM
#61528   PGPM is no scam , just the opposite Chartmaster 07/20/17 11:06:42 AM
#61526   Cramer Show should do a spotlight on this deanna-hopkins 07/20/17 10:52:22 AM
#61523   I agree with you 100%...I would never suggest Dallas66 07/20/17 10:50:43 AM
#61522   PGPM has no revenue is broke has 7 elkonig 07/20/17 10:49:17 AM
#61521   Meh, I'm kind of ambivalent at this point, angrypirate 07/20/17 10:46:04 AM
#61518   The SEC is a Civil Regulatory Authority, they deanna-hopkins 07/20/17 10:32:49 AM
#61517   Okay so PGPM hasnt been charged with fraud YET. lucky,mydog 07/20/17 10:30:09 AM
#61516   Maybe. But who are you to determine that. Billybob2411 07/20/17 10:29:56 AM
PostSubject