Pilgrim Petroleum Corp. (PGPM)

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Pilgrim Petroleum Announces Boost in Oil Production and Progress Update in Operations for Q1 2007

IRVING, Texas, Mar 28, 2007 (BUSINESS WIRE) -- Pilgrim Petroleum Corporation (PINK SHEETS: PGPM)(FWB: PHV), an independent oil and gas company, announces today its oil production levels increased by an average of approximately 75% over the last two months, after completion of five additional re-activated wells.
The company estimated these additional wells would increase production by approximately 10-12 barrels per well, adding at least 50% more to the portfolio, or 1,500 barrels per month, upon full completion. In addition, the company has been granted with the first drilling authorization from RRC of Texas in Archer County.

Lastly, the company will open their largest field office, in Holiday, Texas. This location will offer a large staging area to service our work-over rigs and drilling equipment, in addition to great office space.

Pilgrim Petroleum Corporation Vice President of Operations, Jeffrey Fanning, said, "Pilgrim's Reactivation Program has shown significant progress since its implementation. This year, operations will continue to bring back more inactive wells into production and optimize our existent oil & gas production through reduced production cost, improved production rates and increased ultimate recovery."