Pilgrim Petroleum Corp. (PGPM)

[Helter Skelter]

PGPM worth $10,070,000,000! 10.07 billion dollars!

According to Pinedo...

Pilgrim Petroleum Corporation CEO Rafael Pinedo said: "With these projections in hand, our objectives as a firm are steadily being accomplished as well as our serious commitment to our nation's energy supply."

His arithmetic is wrong. $10.08 billion minus $100 million is not $10.07 billion ;)

$10,080,000,000 - $100,000,000 = $9,980,000,000. Only off by 90,000,000 (90 million) dollars.

900 million barrels of recoverable oil...???

2 months after the 10 billion dollar, 900 million barrels, PR:



Link > Q2 2006 <> 4M barrels

Less than a year later they (pgpm), allegedly, sold 80% of their supposed, proved, undeveloped, reserves...



Link > Q1 2007 <> sold 80% of $10.07 billion for $42 million

So much for the 10.07 billion dollar valuation. Sad. ;)