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Pilgrim Petroleum Announces Progress Update, Forecast Results for Q2 and New Appointment
Jun 19, 2008 11:38:00 AM
View Additional ProfilesIRVING, TX -- (MARKET WIRE) -- 06/19/08 -- Pilgrim Petroleum Corporation (PINKSHEETS: PGPM) (FRANKFURT: PHV) is pleased to announce the company will report results for the second quarter ended June 30, 2008 in the third week of July. With great positive outlook, Pilgrim's management expects Q2 results to maintain its overall growth pace of at least 10% in production. After completion of two additional re-activated wells during the first quarter 2008. The company has set a goal of having field services to work in additional 5 wells by the end of July. In addition the board of the directors is currently reviewing different dividend options for holders of common stock. Also, the company approved Mr. Randy Berry as manager of field services and acting Vice president of operations. Mr. Berry is a veteran with over twenty-five years of field services experience; he has been with the company four years. Lastly, Pilgrim will put in motion a series of initiatives to revitalize the Company and stock value. These initiatives, designed to enhance the efficiency of the organizational structure including new joint ventures, mergers and acquisitions, will support a better-disciplined business development process, increase operating margins and improve the Company's production levels, reservoirs and cost-effectiveness.
Rafael Pinedo, President and CEO of Pilgrim Petroleum Corporation, commented, "With great people and equipment, Pilgrim's operations will continue to bring back more inactive wells into production and optimize our existing oil & gas production through increased production rates, reduced costs, and improved recovery techniques."
About Pilgrim Petroleum Corporation
Headquartered in Irving, Texas, Pilgrim Petroleum Corporation is a publicly traded company (PINKSHEETS: PGPM), (FRANKFURT: PHV). The company is acquiring oil and gas leases, producing properties, mineral rights and surface interests primary on marginal fields. Once acquired, the company intends to develop each property to maximize the income from each by refurbishing and improving the existing production.
Forward-Looking Statements: 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.
2008 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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CONTACT:
Pilgrim Petroleum Corporation
Eddie Monet
619-864-0166
www.apetroleum.com
o/t,, dusty, were we in a stock together way way back.. a
gps stock..
ran from .07 to 24.00
roz
trades were matched with a tic up..eom
just changed,, .0005x.0007,,,8x2..eom
Me. and quite a few.. Thanks for the cheapies.. eom
My Apologies to the Board Mods.. I
meant no disrespect with those 2 posts that were removed..
News popped up on alphatrade under SPRL..
Didnt even read it @ the time..
Said, Wow SPRL news.. Got a lil excited.. lol
Stuff happens but this wont happen again..
Thank You &
GLTA
Roz
Thank You ProfitChaser.. eom
Sweet yes.. Someone is Loading up..eom
SPRL Running.. eom
fwiw, and No names mentioned,, someone came on the
SPRL board the day of the run and said he spoke with or got an email from ceo saying NO change in share structure..
Later on in the day some one posted an email from company saying the os was/had been changed/raised..
imo someone told a lil fib..
Trust No one.
Do your own DD. And
GLTA
Roz
fwiw,, the sells at close
yesterday & today were @ the ask..
imo pps should head North..
if the MMs are going to drop the pps, sells would be @ bid..
and/or they need shares..
time will tell..
glta
roz
lmao,, MMs are Never desperate.. best players in the game.. eom
Lots of things are unlikely down here.. But
you never know..
Play the Play
best of luck to you
roz
added @ .0005 yesterday and added today @ .0006,,May
be another gcog, then again maybe not..
I like buying when there is no interest and when they`re cheap..
glta
roz
What I like and dont like is,,
He is More concerned with the company & profits & keeping standards up to code . Rather then worrying about the share price..
NEWS,, Pilgrim Petroleum Signs LOI for Cowan Project With Frontier Energy
May 29, 2008 11:37:00 AM
View Additional ProfilesDALLAS, TX -- (MARKET WIRE) -- 05/29/08 -- Pilgrim Petroleum Corporation (PINKSHEETS: PGPM) (FRANKFURT: PHV) today announced they signed a Letter of Intent ("LOI") with Frontier Energy (PINKSHEETS: FRGY) to purchase 100% Working Interest and 40% royalty interest in Cowan Project located in Archer County, Texas, from Pilgrim Petroleum, the property is situated along the eastern edge of the West (KMA) field, which has produced millions of barrels of oil from the KMA sand at 4,200' since the 1940s.
The transaction will be subject to American Petroleum Corp. reservation of 1/8 Overriding royalty. The company will be the operator and the drilling contractor for the exploration of two new wells and few workover on the property.
The Letter of Intent includes provisions whereby the two parties will use their best efforts to move forward to execute and deliver a definitive purchase & sale agreement within few days. Additional information will be forthcoming as it becomes available.
About Pilgrim Petroleum Corporation.
Pilgrim Petroleum Corporation (PINKSHEETS: PGPM) (FRANKFURT: PHV) is an independent oil and gas company based in Irving, Texas. The company is acquiring oil and gas leases, producing properties, mineral rights, and surface interests primary on marginal fields. Once acquired, the company intends to redevelop each property to maximize the income from each property by refurbishing and improving the existing production.
About Frontier Energy Corporation.
Frontier Energy Corporation (PINKSHEETS: FRGY) is an exploratory oil and gas business headquartered in Las Vegas, Nevada. The goal of Frontier Energy is to build a solid portfolio of assets through the acquisition of leases and explore and develop the opportunities on the individual leases.
Forward-Looking Statements: 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.
2008 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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CONTACT:
Pilgrim Petroleum Corporation
Eddie Monet
619-864-0166
www.apetroleum.com
I think it is, but keep coming up empty on my dd. Still
trying but going to take me some time..
is SPRL associated with Gazprom??
3 of my buys last week posted as sells.. eom
Mr. Brucegorman,, Thank You..eom
Thank You very much for All the Great DD in
the last couple hours..
If that post would had showed up during trading hours,
w/o proper time to do DD
We all wouldnt be to happy..
Have a safe weekend
Id like to see them PR saying,,
We are going to start a Share Buy back starting immediately..
Have a Great weekend All & be Safe
Clay Thank You Very much.. Excellent...eom
nice while it lasted...eom
or More SPRL
thats all?? eom
Volume = 85+ mil.. average 46 mil
.0016 Prints..
O/T almost,,,,,,,,,,
Oil & Gas stocks are moving..
look @ SPRL.
Another gcog in the making with lower os
still in PGPM & Holding
glta
Wow Wee.....eom
L-2 looking good..Bid building 5x1...eom
fwiw,, my earlier Buys yesterday, L-2 printed 20k over what i bought. Today they added 10k to my .0008 buy
Games?
glta
Bottom Line,, PGPM = Oil & Gas Play. Oil heading 150.00
o/t 98/99/00 Days of the Monkeys & monkey bite.
PGPM is Oil & Gas.. Play The Play........eom
you`re right,, 5,980,259 red print @ 16:01
filled my 200k in 3 seconds.. eom
Dow -220........eom
PGPM News,, MARKET WIRE) -- 05/20/08 -- Pilgrim Petroleum Corporation (PINKSHEETS: PGPM) (FRANKFURT: PHV) is pleased to announce that the company's Assessment on its interests in Archer and Wichita Counties Texas, prepared by Gustavson Associates, can be found at http://www.bpetroleum.com. The report has an effective date of September 15, 2006, and evaluates Pilgrim Petroleum acreage located on the Bend Arch-Fort Worth Basin Province, Texas.
The report was prepared using assumptions and methodology guidelines outlined in the Canadian Oil and Gas Evaluation Handbook ("COGE Handbook") and in accordance with National Instrument 51-101 ("NI 51-101"). Additionally, Gustavson Associates conducted a scoping economic analysis of the Prospect using the "Best Estimate" for both an oil and gas future net revenues (before deductions of income taxes).
Specifically, the report provides the following highlights:
Low Estimate 996 MBbl 3.98 BCF
Best Estimate 1,832 MBbl 7.32 BCF
High Estimate 2,676 MBbl 10.70 BCF
ECONOMIC EVALUATION
Pilgrim also requested Gustavson Associates to complete economic runs with the estimated prospective resources and similar production profiles. This study will show estimate development schedules for Pilgrim's acreage and generate a forecast of future net revenues and discounted cash flow.
The following estimates are based on the best estimate of the prospective hydrocarbon resources. The initial net prices, for the purpose of the analysis are: $59.95 per barrel for the oil case and $4.97 per MCF for the gas case and include deductions for estimated future well abandonment costs.
Best Estimate Net Best Estimate Net Present
Revenue Before Income Tax Value of Future Net Revenues
(at 10% discount rate)
$102,370,000 $52,050,000
Pilgrim Petroleum President and CEO Rafael Pinedo said, "Pilgrim has strategically waited to develop its asset portfolio together with its venture partners to fully take advantage of its lease position. The projected figure is just an estimation based on previous Geologic studies of the area together with conservative oil price range. With Triple digit oil prices and current market conditions, a great level of profitability undermines the risk associated to oil and gas exploration/drilling. As we approach second quarter, we will communicate more on Drilling Plans for this year. We are very excited about the opportunities we have ahead."
The report is available for review on the Company's website.
About Pilgrim Petroleum Corporation
Headquartered in Dallas, Texas, Pilgrim Petroleum Corporation is a publicly traded company (PINKSHEETS: PGPM) (FRANKFURT: PHV). The company is acquiring oil and gas leases, producing properties, mineral rights and surface interest's primary on marginal fields. Once acquired, the company intends to develop each property to maximize the income from each by refurbishing and improving the existing production.
Forward-Looking Statements: 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.
2008 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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--------------------------------------------------------------------------------CONTACT:
Pilgrim Petroleum Corporation
Eddie Monet
619-864-0166
www.apetroleum.com
Source: Pilgrim Petroleum Corporation--------------------------------------------------------------------------------
Public Companies Associated with this story:
(OTC: PGPM) (PHV)
.0008 x .0009,,,,,,, 2 x 4...eom