Press Release Source: Pilgrim Petroleum Corporation
Pilgrim Petroleum Announces Projected EPS for 2008
Monday May 12, 7:45 am ET
DALLAS, TX--(MARKET WIRE)--May 12, 2008 -- Pilgrim Petroleum Corporation (Other OTC:PGPM.PK - News) (Frankfurt:PHV.F - News) announced today the company's year 2008 projected EPS (Net Earnings / Outstanding Shares) $50,000,000/844,236,923 of 0.06. Based on this EPS multiplied by a sustainable growth rate of 25% and multiplied by the average industry P/E ratio of 20.96 (Reuters), Pilgrim's intrinsic value or estimated stock value should be $0.3103.
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Pilgrim Petroleum's prime properties are mainly located in the North West Texas, owning approximately 12,000 acre properties, which hosts resources with a best estimate P50 (*) of 4 millions of barrels of oil equivalent, definitions according to "Petroleum Classification and Definitions" (2000) published in draft by the Society of Petroleum Engineers (SPE) and World Petroleum Congress. The already on-going next phase is to strategize with its Partners and alliances for new drilling activities in its leasehold position for further categorization of reserves, including development and production status (proved, probable and possible).
Pilgrim Petroleum management is currently focused on developing multiple horizons with hydrocarbon potential and is proud to communicate that the company's combined assets are now producing in an upward trend and new acquisitions for further hydrocarbon development under consideration.
Rafael Pinedo, President of Pilgrim Petroleum Corporation, commented, "Triple digit oil prices and current market conditions make new ventures an open opportunity to develop our assets with great levels of profitability. Management is implementing streamlining operations activities as well as targeting new acquisitions and Joint Ventures."(*) When evaluating resources in particular contingent and prospective resources, Resources P50: Considered to be the best estimate of the quantity that will actually be recovered from the accumulation.(Source: Petroleum Society of CIM. Definitions of Oil and Gas Resources and Reserves)
