Pilgrim Petroleum Corp. (PGPM)

[PGPM_COO]

I shouldn't be doing this but . . .

I need a focus group of shareholders.

OK Misfits, listen up!

Disclaimer: All statements forward looking and speculative. Blah blah blah.

Here is the info.

1. Pilgrim has almost no cashflow currently.
2. Next 12 months maybe $360,000+
3. Most Arcland wells have been plugged due to neglect.
4. Heavy Arcland severance fines have accumulated due to neglect.
5. Court case to get properties could last for months if not years.

Arcland is asking to re-negotiate the notes.

My options are the following:

1. Ask for original 10mm cash + interest.
2. Ask for 10mm shares preferred ACLY + interest.
3. Ask for combo cash and ACLY shares + interest.
3. Re-negotiate new notes with new terms.

If I re-negotiate, what are the terms.

1. How long? 2 years. 4 years, 6 years?
2. For same amount of cash/shares or reduced amount?
3. Cash, stock or combo?

I've got very little time to make this happen so all opinions would be appreciated on the quick.

Matt