Pilgrim Petroleum Corp. (PGPM)

[JoeBlack]

Pilgrim Petroleum Signs LOI for Cowan Project With Frontier Energy
Thursday May 29, 11:37 am ET


DALLAS, TX--(MARKET WIRE)--May 29, 2008 -- Pilgrim Petroleum Corporation (Other OTC:PGPM.PK - News) (Frankfurt:PHV.F - News) today announced they signed a Letter of Intent ("LOI") with Frontier Energy (Other OTC:FRGY.PK - News) to purchase 100% Working Interest and 40% royalty interest in Cowan Project located in Archer County, Texas, from Pilgrim Petroleum, the property is situated along the eastern edge of the West (KMA) field, which has produced millions of barrels of oil from the KMA sand at 4,200' since the 1940s.
ADVERTISEMENT


The transaction will be subject to American Petroleum Corp. reservation of 1/8 Overriding royalty. The company will be the operator and the drilling contractor for the exploration of two new wells and few workover on the property.

The Letter of Intent includes provisions whereby the two parties will use their best efforts to move forward to execute and deliver a definitive purchase & sale agreement within few days. Additional information will be forthcoming as it becomes available.