Pilgrim Petroleum Corp. (PGPM)

[funmaxus]

I like to research companies that have seen a drop in share price and have spent the last few hours reviewing what transpired. I like your posts, and while I'm responding to you, anyone is welcome to also respond as well.

A few points and questions:

Pinksheets.com shows the share structure as:

Estimated Market Cap
$171,090 as of Nov 28, 2008
Outstanding Shares
855,450,000 as of Apr 28, 2008
Authorized Shares
2,000,000,000 as of Apr 28, 2008
Float
263,500,000 as of Apr 28, 2008

Questions:
1. Is the share structure correct on Pinksheets.com?

2. Can anyone concisely elaborate on the buyback program?

3. Following the filings on Pinksheets.com, I see that the past two were within acceptable timeframes; however the last one seems delayed. http://www.pinksheets.com/pink/quote/quote.jsp?symbol=PGPM
Is this due in part to the speculation of an outside party intervening via an audit of the financials?

4. Is the company transitioning entirely to an oil service company?

Disclaimer: Not presently a shareholder of PGPM.

IMO: It would seem difficult at present to determine a fair market pps based on the information provided, and possible implications facing the company.

I welcome all comments. Thank you for your valued time and consideration.