Pilgrim Petroleum Corporation Approves Stock Repurchase and Retirement Program GlobeNewswire "Press Releases"
Addison, Texas , June 19, 2017 (GLOBE NEWSWIRE) -- Pilgrim Petroleum Corporation (PGPM), an oil and gas exploration development (E&D) company focus in proven fields exploited by well managed independent oil companies extracting reserves at lower risk and lower cost than unproved prospects. Our parent is Pilgrim Petroleum PLC , a private company (E&P), focus in domestic and international areas where major oil and gas producing companies have reduced their exploration efforts in search of larger reserves.
The company is pleased to announce today that its Board of Directors has authorized a share repurchase and retirement programof the Company's outstanding common shares. The Board of Directors believes that a share repurchase program would be in the best interests of the Company and its shareholders, and will not impact the Company's ability to execute its growth plans. Under the stock repurchase program, the Company and direct affiliates will be the only authorized to repurchase and based on market conditions. The repurchased shares will be constructively retired and returned to unissued status. "Share repurchase and dividends represent great ways to return value to our shareholders.
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