Pilgrim Petroleum Corp. (PGPM)

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Pilgrim has acquired approximately 100 wells in Archer, Wichita and Wilbarger Counties, Northwest Texas, most of which had been shut-in in 2001 when the Railroad Commission of Texas changed the requirements for bonding operators in Texas. This has resulted in an exceptional program. Currently, Pilgrim Petroleum is concentrating its efforts in acquiring more prospects around the area and providing Industry services to small and medium E&P companies.



Estimations to calculate the Potential Oil Reserves underlining our properties in the Bend Arch-Fort Worth Basin Province are based on volumetric calculations. Based on approximately 12,000 acres of proven and unproven undeveloped fields, assuming 500 feet thickness of this play is oil pay and an average potential production of those fields, the potential volume of recoverable reserves were calculated. It is worth mentioning that the thickness chosen is required to accurately count net effective reservoir quality (e.g. shale or sand) and it is also used to construct net pay isochoric maps for volumetric reserve calculations.