Pilgrim Petroleum Corp. (PGPM)

[makinezmoney]

$PGPM: These Oil-Assets are on the order of $MMEX

$MMEX is building a $450Million facility.

Look at how much acreage and assets PILGRIM has now.

This is no joke... very very very under the radar and will POP hard.


https://www.bloomberg.com/press-releases/2016-10-20/pilgrim-petroleum-completes-acquisition-of-controlling-interest-oil-and-gas-assets


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Pilgrim Petroleum Completes Acquisition of Controlling Interest Oil and Gas Assets
2016-10-20T13:25:08Z Email
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Pilgrim Petroleum Completes Acquisition of Controlling Interest Oil and Gas
Assets

Dallas, Texas (FSCwire) - Pilgrim Petroleum PLC a private company and
subsidiaries, an independent oil and gas company, has completed its
acquisition of an 79% controlling interest in the announced acquisition of
Bakken, Eagle Ford and Woodford Shale assets for approximately $330 million
net of customary closing adjustments. The assets include approximately 210,000
acres with most of the position held by production. American Capital
Investment LLC has agreed to sell 100% of its equity interest in its oil and
gas subsidiary Alpha Petroleum Resources LP (Texas Corporation) to Crescent
Hill Capital Corp a Dallas Texas private equity firm providing a credit
facility at closing of $615 million US Dollars, including an amendment to its
credit agreement to, among other things (i) extend the working capital, (ii)
reflect the repayment in full of all term loans thereunder including existing
debt, (iii) increase the borrowing base up to 20%. In connection with the
closing of the transaction, Crescent Hill Capital's investment in Pilgrim
Petroleum PLC represents a new tack by private equity firms backing modern and
experience wildcatters to gradually build portfolios of mineral rights.



Rafael A Pinedo, Chairman of Pilgrim, said the company would never have seen
as many opportunities to put together so much acreage as demand has started to
soared exponentially as new drilling techniques to extract crude at a profit
are available despite low oil prices; Stephen Richardson, Pilgrim Petroleum
President and CEO said, "The success would depend on whether the oil price
recovery holds as will continue to acquire properties to increase our company
valuation." also, Richardson Announces the reorganization of subsidiaries and
consolidation will be announce by December 5, 2016, this will include plans
for fiscal year 2017.



This news release contains "forward-looking statements," as that term is
defined in Section 27A of the United States Securities Act of 1933 and Section
21E of the Securities Exchange Act of 1934. Statements in this news release
that are not historical facts are forward-looking statements that are subject
to risks and uncertainties. Words such as "expects," "intends," "plans,"
"may," "could," "should," "anticipates," "likely," "believes" and words of
similar import also identify forward-looking statements. Forward-looking
statements are based on current facts and analyses and other information that
are based on forecasts of future results, estimates of amounts not yet
determined and assumptions of management. Actual results could differ from
those projected in any forward-looking statements due to numerous factors.
Such factors include, among others, the inherent uncertainties associated with
exploration for minerals; changes in the operating costs and changes in
economic conditions and conditions in mineral exploration. These
forward-looking statements are made as of the date of this news release, and
we assume no obligation to update the forward-looking statements, or to update
the reasons why actual results could differ from those projected in the
forward-looking statements. Although we believe that the beliefs, plans,
expectations and intentions contained in this press release are reasonable,
there can be no assurance those beliefs, plans, expectations or intentions
will prove to be accurate. Investors should consult all of the information set
forth herein and should also refer to the risk factors disclosure outlined in
our current and periodic reports filed from time-to-time with the Securities
and Exchange Commission.


PR Contact:

Leila Adams, 972-655-9870

To view this press release as a PDF file, click onto the following link:
public://news_release_pdf/pilgrim10202016.pdf

Source: Pilgrim Petroleum PLC (OTC Pink:PGPM)

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