DISON, Texas - July 25, 2017 - PRLog -- 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 unproven prospects.
The company is pleased to announce today since receiving a ten-day trading suspension from the Securities and Exchange Commission (SEC) no further communication or inquiries have been presented, Pilgrim Petroleum Management has completed correspondence including specific documentation via our legal counsel to the SEC and DTCC for the Global Lock release via (Restriction Response).
Because of the SEC trading suspension, the audit initiated prior to the suspension requires a few changes prior to its completion. Pilgrim is still on target for completion in the next couple weeks.
Lastly, Pilgrim has started an initiative to revitalize the Company and stock value as soon as possible by executing an LOI for a reverse acquisition with another public company. This amalgamation would occur over two phases including a compliance and filing phase followed by a formal execution and ultimately corporate actions. These initiatives are designed to enhance the efficiency of the organizational structure, including new ventures and acquisitions, necessary to improve the Company's production levels, reservoirs, and cost-effectiveness. The company has set a goal of having field services to work in additional 5 wells by Mid-August 2017.
Samuel C Smith, President and CEO of Pilgrim Petroleum Corporation, commented, "We'll continue to bring inactive wells into production optimizing our oil & gas production through greater production rates, reduced costs, and improved recovery techniques." As stated before the operation plan is the same and with help from our affiliates will continue to strive to our focus on reserve value creation and asset divestiture to other entities who will pay premiums for reliable and optimized production, such as Master Limited Partnerships (MLPs).
Legal Notice Regarding Forward-Looking Statements:
This press release contains forward-looking information within the meaning of section 27A of the Securities Act of 1933 and section 21E of the Securities Exchange Act of 1934 and is subject to the safe harbor created by those sections. About Pilgrim Petroleum Corporation. Headquartered in Addison, Texas, Pilgrim Petroleum Corporation is a publicly traded company (PGPM). Pilgrim Petroleum Corporation is an independent oil and gas company. The company is acquiring oil and gas leases, producing properties, mineral rights, and surface interests. Once acquired, the company intends to develop each property to maximize the income from each property by refurbishing and improving the existing production. Forward Looking Statements: can give no assurance that such expectations will prove to be correct. All forward-looking statements should be evaluated with the understanding of their inherent uncertainty. Factors that could cause the company's actual results to differ materially from those expressed or implied by forward-looking statements include, but are not limited to: The success of the company's exploration and development efforts; the price of oil, gas and other produced gasses and liquids; the worldwide economic situation; changes in interest rates or inflation; the ability of the company to transport gas, oil and other products; the ability of the company to raise additional capital, as it may be affected by current conditions in the stock market and competition in the oil and gas industry for risk capital; the company's capital costs, which may be affected by delays or cost overruns; cost of production; environmental and other regulations, as the same presently exist or may later be amended and the company's ability to identify, finance and integrate any future acquisitions. You are urged to carefully review and consider the cautionary statements and other disclosures. Forward-looking statements speak only as of the date of the document in which they are contained, and Pilgrim Petroleum does not undertake any duty to update any forward-looking statements except as may be required by law. The statements which are not historical facts contained in this release are forward looking statements that involve risks and uncertainties, including but not limited to, the effect of economic conditions, the impact of competition, the results of financing efforts, changes in consumers' preferences and trends. The words "estimate," "possible," and "seeking" and similar expressions identify forward-looking statements, which speak only to the date the statement was made. The Company undertakes no obligation to publicly update or revise any forward-looking statements, because of new information, future events, or otherwise. Future events and actual results may differ materially from those set forth herein, contemplated by, or underlying the forward-looking statements. 2017 Pilgrim Petroleum Corporation. The information herein is subject to change without notice. Pilgrim Petroleum Corporation shall not be liable for technical or editorial errors or omissions contained herein.
FURTHER INFO ON PGPM:
PGPM Explains and Reassures Shareholders:
After the SEC suspension PGPM has responded 6/30/17:
"The Company has reached out to the SEC and cooperating to the fullest extent in this matter. We feel compelled to communicate with our shareholders in this instance so they are made aware of the circumstances surrounding the suspension. The Company would like to reiterate that, neither the Company, its officers, directors and, its controlling shareholders have directly or indirectly, authorized or been involved in any way, or the making of any false or misleading statements about the Company."
Here's the link:
And then July 7, 2017 Pilgrim Petroleum Corporation Announce Update to Shareholders:
Pilgrim will focus its financial resources on the assets on-hand in the "Re-work" category. These assets include existing wells in inventory with various levels of work required to bring to production. We will have some exceptional opportunities to apply our M&A and operational expertise to acquire and operate quality assets at low prices. As we have done in the past, our focus on reserve value creation and asset divestiture to other entities who will pay premiums for reliable and optimized production, such as Master Limited Partnerships (MLPs). Simultaneous to the re-work endeavor, we are in process to complete our audit financials and pursuing an S-1 Registration with the Securities and Exchange Commission.
Also the CEO went on and answered questions:
-What was the main reason the SEC suspended PGPM? And after the suspension what's the plan of the company?
A: the main reasons have been indicated by the SEC, we are responding accordantly each one of the inquiries. The red flag was the spike on the stock in a short period of time, the volume traded, and other fundamentals out of place.
-Going forward, where do you see the Company in 6 months based on the plans stated in previous shareholder communications for 2017?
A: we believe that within 6 months we will be working towards closing the year with positive EBITA.
-The SEC specifically mentions the capital raise (FORM D). Was 3 million ever raised? Does the company currently have those funds available?
A: The commitments for the capital are in place, the due diligence still in process, but primarily subject to the audit financials completion.
- What, if any, contact do you currently have with the SEC? Many here are claiming that the suspension proves that fraud has already occurred.
A: Stock Markets induces investors to make purchase or sale decisions on the basis of information, every one of our disclosures has been accurate, disclosed as required by the OTC Markets Group. The stock spike on the price in a very short time, the volumes contribute to a big suspicion of a potential stock manipulation.
- The share adjustment from roughly 1.1 billion to 2 billion was a huge red flag for many. It seems to be that there were common shares that Pinedo owned from back in 2012 and he sold them over the past few months.
A: We can assure you that based on the certify shareholders list provided by the TA, that Mr. Pinedo or related companies do not have common stock since 2005, he decided a long time ago to only keep preferred voting's shares (non-tradeable) for control of the company.
- Suspension by the SEC has basically been a death sentence for OTC stocks. Have you hired a securities attorney to help with the SEC? Is the auditor able to help the company get back on an exchange that uses Market Makers?
- What verifiable assets does the company currently have? I appreciate your time and still am hoping for the best here.
A: The Verification of Financials and assets will be presented at once when the audit is completed, we are not going to make any representations other than a compilation of our financials already disclosed at this time; the audit will provide an independent opinion to the shareholders on the going concerns and fairness of the financial statements this will include adjustments on the balance sheet, non-financial disclosures, changes on a company's assets, liabilities opinions, etc.
Here's the link: