Pilgrim Petroleum Corp. (PGPM)

[cajunot]

Pilgrim Petroleum Announces Close of Private Placement

IRVING, Texas, Jun 19, 2006 (BUSINESS WIRE) -- Pilgrim Petroleum Corporation (Pink Sheets:PGPM), an independent oil and gas company, announced today that the company has agreed to sell 11 million shares of its common stock to Energy Source Private Equities Fund from Toronto, Canada and TJ Management Group with offices in Texas, New York, California, at an average 10 cents per share for a total of $500,000. Both companies are Institutional Investors on the Energy sector, which is a positive opportunity for Pilgrim Petroleum to qualify additional large Investment Institutions once it begins fully reporting.
Rafael Pinedo, Pilgrim Petroleum President and CEO said, "Great value and confidence bring Institutional Investors to any public corporation, we are pleased to have these groups on board."

About Pilgrim Petroleum Corporation

Pilgrim Petroleum Corporation is a publicly traded company (PGPM). Pilgrim Petroleum Corporation 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 in Texas. 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: 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.

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.

SOURCE: Pilgrim Petroleum Corporation




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

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Why is this company buying for .10/share? Wouldn't it be cheaper on the open market????