Pilgrim Petroleum Corp. (PGPM)

[JBGoode]

The speculation on this board about the SEC investigation ranges from only the issue with the differing outstanding shares to complete fraud involving all assets reported by the company. Many posters are claiming their opinion is the truth, which I find highly unlikely since the SEC has not completed the investigation and has definitely not released their results.

IMO the SEC would not have removed the suspension if the company had fraudulently reported assets. The company indicates the investigation was triggered by the difference in reported shares, which is provable (different amount of shares was reported), is a likely SEC trigger, and is minor enough the removal of the suspension is warranted.

According to yesterday's PR, audited financials should be coming out in the next couple weeks. Assuming that to be true, at that time we'll know the audited assets and the true value of the company. I think it's highly likely the audited assets will fall in line with what was previously reported.

Again, I see a company that was dark for 7 years suddenly taking extraordinary pains to come current. They messed up in a report, that happens. There's still the question of WHY they want to be current - why now, why pay the extra $$, why bother with the audit?

There is enough going on I believe PGPM is still undervalued. As I already stated, I bought a CHEAP "lotto ticket" yesterday. The SEC investigation and lack of current status are warning flags. Don't throw your life savings into this. But if this does go to $.04-.06 pps, as most of us previously thought it should based on the asset evaluation alone, a cheap lotto ticket will be looking pretty good. If it goes higher based on whatever reason the company wanted to suddenly go current in the first place, well maybe I'll get my sailboat.

All IMO. Do your own DD and decide for yourself.