8/21/2018 Pilgrim Petroleum Corporation Announces Corporate Update to Shareholders.
Pilgrim Petroleum Corporation (PGPM), an oil and gas exploration development (E&D) company with a focus on proven fields exploited by well-managed independent oil companies extracting reserves at lower risk and lower cost than unproven prospects.
Pilgrim Petroleum has signed a Letter of Intent to be acquired by way of an exchange of stock. When the conditions of the letter of intent are met, current shareholders will have the opportunity to exchange their common shares of PGPM for shares of the acquiring company. Specific details of the exchange will be released shortly and include instructions for the movement through the transfer agent of the acquiring company.
The acquiring company is an E&P Company with operations in Oklahoma, Kansas and Texas supported by wholly owned subsidiary operating companies. In addition, the company is equipped for field operations including ongoing maintenance, reworks and drilling. The company has proven several drill opportunities in Kansas, Oklahoma and Texas and anticipates dropping new drills beginning in 2019.
According to Pilgrim CEO Sam Smith “The fully vertical integration of operations and the removal of reliance on third party operators is significant as market optimism grows and demand for equipment and labor crews increases. By moving forward with a complete playbook, we can begin to compete independently rather than as a hostage dependent on other companies”
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.
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