$PGPM DD & Why I am buying More:
- PILGRIM PETROLEUM CORPORATION
2017 FIRST QUARTER REPORT:
Investments – Other 48,899,863
TOTAL OTHER ASSETS 48,899,863 TOTAL ASSETS 48,899,863
TOTAL LIABILITIES 7,268,375 TOTAL STOCKHOLDERS’ EQUITY 41,631,488
The company as of March 31, 2017 had a NPV of $7,259,867 in estimated
net remaining proved undeveloped reserves of 800,000 barrels valued at
$47.87 per barrel less an estimated $2,000,000 cost to recover at
twenty percent of the estimated total.
PILGRIM PETROLEUM CORPORATION
NOTES TO FINANCIAL STATEMENTS
MARCH 31, 2017 Stock Issuance The company has not issued shares of common stock this current year.
Market Value: $1,267,705 a/o Apr 28, 2017
Authorized Shares 2,000,000,000
a/o Apr 27, 2017
Outstanding Shares 1,152,459,514
a/o Apr 27, 2017 Float: 903,297,039 a/o Apr 27, 2017
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.
$PGPM ASSETS ARE AUDITED
$46 million in assets for the public company. All which has been verified by 51-101 geological reports. Read the reports below which was just added to the website. These are geological reports that prove the assets. http://www.pilgrimpetroleum.com/data-room.html
_______________________________________________________________________ Merger in PLAY:
We are very pleased to take the opportunity in this letter to introduce recent developments at Pilgrim Petroleum Corporation (US Public Corporation) and communicate our strategy to grow shareholder value going forward. After seven years of "Stealth" activities after the downturn of 2009 and 2010, we were keeping a tight lid on the venture activity with an upside on the private equity business with our key partners and our parent private company Pilgrim Petroleum PLC (with the same name but soon to be change), has been a great value to the company. https://www.otcmarkets.com/stock/PGPM/news/Pilgrim-Petroleum-Corporation-Issue-Letter-to-Shareholders?id=158635&b=y
_Pilgrim Petroleum PLC a private company and subsidiaries, an independent oil and gas company, has completed its acquisition of an 79% controlling interest in the announced acquisition of Bakken, Eagle Ford and Woodford Shale assets for approximately $330 million net of customary closing adjustments. The assets include approximately 210,000 acres with most of the position held by production. American Capital Investment LLC has agreed to sell 100% of its equity interest in its oil and gas subsidiary Alpha Petroleum Resources LP (Texas Corporation) to Crescent Hill Capital Corp a Dallas Texas private equity firm providing a credit facility at closing of $615 million US Dollars.. https://globenewswire.com/news-release/2016/10/20/881262/0/en/Pilgrim-Petroleum-Completes-Acquisition-of-Controlling-Interest-Oil-and-Gas-Assets.html
______________________________________________________________________ 2017 OIL OUTLOOK:
Oil tipped to soar by $10 a barrel in 2017 amid a bumper year for commodities, say Citi analysts http://www.cnbc.com/2017/04/18/oil-prices-forecast-60-dollars-commodities-citi-analysts-crude-brent.html
THANK YOU EVERYONE FOR PUTTING OUT SUCH GREAT DD!!