Friday, July 09, 2010 11:15:15 PM
Please allow this letter to serve as notification of a 30 day extension being provided to Arcland Energy Corporation to either provide payment or conduct 3rd party mediated negotiation of the $10 million dollars (US) plus interest due to Pilgrim Petroleum Corporation from the notes issued to Pilgrim Petroleum Corporation on July 10th 2008 for the sale of American Petroleum Corporation, Lariat Energy Corporation and associated assets.
Receipt of this letter via certified US postal mail shall represent the starting day of your Company’s 30 day time extension to settle Arcland Energy Corporation’s afore mentioned monetary obligations to Pilgrim Petroleum Corporation.
Thank you,
Matt O’Bryant
President
Pilgrim Petroleum Corporation
By: /s/ Matt O’Bryant
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