Pilgrim Petroleum Corp. (PGPM)

[JoeBlack]

Bench Mark Journal: BenchmarkJournal.com Sector Analysis for PGPM

Jul 14, 2008 (M2 PRESSWIRE via COMTEX) -- This Friday, July 11th, 2008, Pilgrim Petroleum Corporation (PINKSHEETS: PGPM) (FRANKFURT: PHV), an independent oil and gas company, announced that it has entered into a agreement with an OTCBB fully reporting public company for the acquisition of Pilgrim's leasehold portfolio. Due diligence of the transaction has finalized and the companies have achieved a successful negotiation of a material definitive acquisition agreement executed today.
This Friday, during the trading sessions, Pilgrim Petroleum Corporation (PINKSHEETS: PGPM was still even with a volume over 4,000,000

Press Release continues

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.

Additionally, Pilgrim Board of directors has approved a dividend distribution to our common stock holders and a buyback exchange. The declaration date and ratio of the distribution, and buyback exchange will be announced in the first week of August 2008.