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Pilgrim Petroleum Reports EPS Increase to $0.10 for Fiscal 2007advertisement
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All BusinessWire NewsPilgrim Petroleum Corporation (PINK SHEETS: PGPM) (FWB: PHV) reports an EPS increase for the first quarter of Fiscal 2007.
Pilgrim's Net Income was $34,216,749, compared with $97,926 last year due to the sale of 80% of its North Texas working interests. Earnings per share for the quarter were $0.10, a sharp increase over its EPS of $0.0003 for the same period a year ago. Pilgrim's recent activities related to acquisitions, farmouts and well reactivation program have contributed to the optimization and improvement of the company's EPS and overall value. Also, the company has accepted an invitation to participate in a conference this week, primarily attended by private and institutional investors as well as fund managers.
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Rafael Pinedo, President and CEO of Pilgrim Petroleum Corporation, commented, "We are making progress with our ongoing initiatives to improve Pilgrim's value. Given our operating progress to date, we are comfortable that EPS will escalate progressively for fiscal 2007."
About Pilgrim Petroleum Corporation
Headquartered in Irving, Texas, Pilgrim Petroleum Corporation is a publicly traded company (PGPM) (FWB: PHV). The company is acquiring oil and gas leases, producing properties, mineral rights and surface interest's 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 effect 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.
2007 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. Contact Information: Pilgrim Petroleum Corporation Eddie Monet, 619-864-0166 www.apetroleum.com
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