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PGPM 308% growth in revenue ...
Pilgrim Petroleum Corporation Announces Financial Achievements as for Sept. 2006
Business Wire - October 23, 2006 10:30

IRVING, Texas, Oct 23, 2006 (BUSINESS WIRE) -- Pilgrim Petroleum Corporation (Pink Sheets:PGPM) is pleased to announce today it has achieved an average growth rate in revenues of 308% as for its third quarter ending September 2006. Operating Profit Margin accounted for 59.2%, which reflects the effective control of costs and the increasing trend of sales, despite volatile prices of energy. Additionally, Pilgrim Petroleum showed strong ROE of 23.16% and ROA of 20%, which show the company's commitment to extract greater profits from every dollar of assets the company acquires.

Since the beginning of the year, Pilgrim has grown aggressively, increasing 415% its asset portfolio. Pilgrim Petroleum has leveraged its strengths and opportunities to optimize operational and financial results.

Pilgrim Petroleum Corporation CEO Rafael Pinedo said: "Current Financial Results not only contribute to measure and gauge operational performance, but also reveal which areas the company needs to concentrate efforts to improve profit levels and grow to stay competitive within the industry."

About Pilgrim Petroleum Corporation

Headquartered in Irving, Texas, Pilgrim Petroleum Corporation is a publicly traded company (PGPM). The company is acquiring oil and gas leases, producing properties, mineral rights and surface interests primary on marginal fields. Once acquired, the company intends to develop each property to maximize the income from each 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 effects 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