Pilgrim Petroleum Corp. (PGPM)

[PGPM_COO]

I don't want you guys to let me off easy. That is the whole point in this excercise in swatting the hornets nest with a large stick. Keep hammering me, I can take it.

As a servant to the shareholders i need to know your concerns and also gauge the mood of the investors. From what I am learning, some of you are so beyond pissed off that it is making communication difficult.

Answers below:

Is there any production on any of the leases at this time before they went to ACLY there seemed to be some income.

Yes, but most of this production revenue came from one property that was under a 50% JV relationship and the rest from just a few other leases. The produciton in some cases was very limited and when the price of oil nose dived to +/- $30.00 per bopd it was barely economical to keep them pumping.

How many wells were reworked ?

Only a handful, again the company needs an injection of capital.

Do we have the rig to rework wells or do we sub that work out.

The Company owns a drilling rig and a pulling unit. Field crews are standing by.

And have we lost leases due to lack of doing any work most leases have a clause to deal with that.

No leases have been lost. Although technically at this point Arcland Energy owns most of them.