Pilgrim Petroleum Corp. (PGPM)

[deafchild]

Not sure how this really plays. There associates will be compensated with shares, a transaction that will represent a controlling interest. I have emailed Pinedo to find out if he can explain this more in laymen terms. I'm not sure whether they sold or if they intend to go on the OTCBB. If they sold, then to what company? Will our shares carry over? What is there stock worth?

Under the terms of the Agreement, Pilgrim and its associates, American Petroleum Corporation and Lariat Energy Corporation, will be compensated with a combination of shares and convertible promissory notes, a transaction that will represent a controlling interest with the OTCBB company. Disclosure of the Reverse Acquisition will be announced as soon as it becomes available and filed with the SEC 8K within the next day.