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PGPM - Pilgrim Petroleum Announces Contract with Basic Energy Services
Business Editors / Energy Editors

IRVING, Texas--(BUSINESS WIRE)--May 18, 2006-- Pilgrim Petroleum (Pink Sheets:PGPM) is pleased to announce an exclusive contract with Basic Energy Services (NYSE:BAS). Basic Energy, headquartered in Midland, Texas, is the nation's third largest well servicing contractor providing well repair, workover and completion services.

Effective today, Basic Energy will be providing general services on approximately 20 to 60 wells on four of our more important leases (Hooks, Lockrige, Climax, Morgan) and the reactivation of the White Meldon lease. We would like to increase our current production with an additional up to 60 currently non-operated wells. This will create extraordinary revenue income, in addition to increasing our proven reserves in a short amount of time.

Rafael Pinedo, President and CEO of Pilgrim Petroleum Corporation, commented, "We are looking forward to working with Basic Services; they bring a solid reputation for quality service with good people and equipment."

About Pilgrim Petroleum Corporation

Headquartered in Irving, Texas, Pilgrim Petroleum Corporation is a publicly traded company (Pink Sheets:PGPM). 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. Purchasing shares in Pilgrim Petroleum Corporation involves a speculative investment with substantial risks, and although the Company intends to use its best efforts to enhance the value of the Shares, there is no assurance that the Company's operations will be successful. Except for historical information contained herein, the statements in this Press Release are forward-looking statements that are made pursuant to the safe harbor provisions in the Private Securities Legislation Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties, which may cause Pilgrim Petroleum actual results in future periods to differ materially from forecasted results. These risks and uncertainties include, among other things: the potential that no commercial quantities of oil are found or recoverable, the price of oil and gas, geological problems that prevent us from reaching drilling targets and specific risks such as the Company's ability to raise financing and risks inherent in Pilgrim Petroleum Corporation operations. These and other risks are described in Pilgrim Petroleum Form 15c211.

2006 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.

KEYWORD: NORTH AMERICA TEXAS UNITED STATES INDUSTRY KEYWORD: ENERGY OIL/GAS CONTRACT/AGREEMENT SOURCE: Pilgrim Petroleum Corporation

CONTACT INFORMATION: Pilgrim Petroleum Corporation, Irving Eddie Monet, 619-864-0166 http://www.apetroleum.com