Pilgrim Petroleum Corp. (PGPM)

[deafchild]

If you are referring to the level II. God!! I hope so. It's funny, cause in the statement below it sounds like they expect the price of there shares to be close or even higher than $3.08 by 2010. Now I'm not sure if this means that American and Lariat can turn in there convertible notes and purchase common shares for a share price at $3.08 or there notes will/can be converted to common shares and be worth $3.08 per share. Either way it still an indication that by 2010, they expect there share price to be a lot higher than what it is now.

The Convertible Notes bear interest at a rate of prime plus 1%, with principal and interest due and payable on July 10, 2010. The Convertible Note principal is convertible into shares of Common Stock at a price of $3.08 per share, subject to adjustment as provided in the Convertible Notes.