I want to share an email with you. I decided to email Mr Pinedo and here is my response. The email states that the information is only for the intended people on the list, but I don't think there is anything on here that people don't already know or that would incriminate myself or the company. He makes no promises or guarantees anything.
Hi Mr. Pinedo, my name is and I recently I decided to invest into your company, but now I have some concerns about whether the investment was a good choice. In reading some of the message boards I have some questions and/or rumors that I would like to put to rest. I hope that you will read and answer some of these questions. I did send some of these question to your pr guy with no response. So now I am sending it to you.
Mr.
Here's my answers, please don't let people to foolish you, look from somebody that understand financial statements and have reputation on financial comments and analysis, the forums are infected of undesiredpeople. Regards
Rafael Pinedo
CEO President
Q: In order to attract more solid investors it would be a wise decision to make plans to move onto the OTCBB. Is there any plans for this company to do so? And in what time frame would you be planning this?
> A: We have plans to move up to the OTCBB, yet until the end of 2007, we rather prefer to spend our money on maintaining current well production, making sure the company complies to Railroad Commission environmental requirements and putting back more wells into production. Currently, there are some opportunities to move to the OTCBB in a cost-effective way,
but honestly speaking, we rather use the capital to develop our
properties.
>
>
Q: There seems to be confusion on whether you company is real or just a scam.
>
> A: Unfortunately, the biggest problem in the OTC market is the huge amount of short-sellers, bashing companies for their own benefit. I invite you to go to the website and check on our Third party Engineering Report...I don`t think a "scam" can make up a report, specially with well-known geologists and report financials every quarter and every year.
Q: In a PR release dated April 29, 2008 it states lower production because of lower working interest. In a PR release dated one month earlier (March 31, 2008) it states an increase in production was primarliy due to re-activated wells. Which is correct? Because it sounds contradictory.
>
> A: Both are correct. Lower interest, means Pilgrim gets lower
percentage of the actual production, because it needs to share it with its Joint Venture Partner. Yet, production itself has increased thanks to additional reworked wells.
Q: Latest PR release has an effective date of September 15, 2006 for the Gustavson Associates report. Is there a latest development for this? Shareholders read this and wonder why
all of the sudden there is a report that is currently available, but dated 2 years ago?
> A: This report has been on our website, publicly available since 2006, and has always been there since then. We decided to release the information again because of countless e-mails requesting information about our properties...Now more than ever...so, basically, the press release was meant to be merely informative and a remainder of the economics and potential of
Pilgrim.
>
>
Q: These last two question are ones that I found going around, I would say bashing the company. I wanted to present them because if some people are saying this, there might be a reason for it. Is there any truth to these questions?
Q: They have less money coming in than going out: PGPM is slowly going into more and more debt which they attempt to pay for by
ISSUING MORE STOCK.
Q: They OWE the federal government 6 MILLION DOLLARS IN BACK TAXES with NO CASH TO PAY!
> A: There are some corporate activities being pursued by our Partners that will change our positioning soon, which will benefit Pilgrim, investors and all parties involved.
Q: Mr. Pinedo, It wouldn't hurt if the company did some type of
shareholder conference meeting so that other shareholders who doubt the companies intention have a chance to speak and get their questions answered. Just a thought.
> A: Thank you for taking the time to communicate your concerns. We will take into consideration your comments. For the time being, we will try to keep our investors informed as much as possible through our website and press releases.
AI
