They didn't have any reason for that other than they didn't get their money; and below a letter from the CEO to OTC markets, please read.
PGPM_COO Member Profile PGPM_COO Share Thursday, February 24, 2011 6:25:29 PM
Re: None Post # of 16834
Bad News!
Regrettably, today at approximately 4PM CST Pilgrim Petroleum Corporation's stock (PGPM) was placed in Caveat Emptor status by OTCMarkets due to high trading volume.
Pilgrim Petroleum Corporation is in the process of appealing this decision with OTCMarkets as well as moving forward with the necessary steps to have the company moved back to limited status.
Please be aware that Pilgrim Petroleum Corporation feels that this action by OTCMarkets was unjustified and that we are aware of the importance of getting this situation corrected in a timely manner.
Thank you.
Matt O’Bryant
President
Pilgrim Petroleum Corporation
________________________________________________________________
PGPM_COO Share Thursday, February 24, 2011 7:59:21 PM
Re: None Post # of 16834
Letter to OTCMarkets.
Via:
Email & FedEx
To:
xxxxxxxxxxxx
Issuer Services
OTC Markets Group, Inc.
304 Hudson St
2nd Floor
New York, NY 10013
From:
Matt O’Bryant
President
Pilgrim Petroleum Corporation
4553 Jimmy Doolittle Drive Suite 6
Addison, Texas 75001
Re: Caveat Emptor status change of Pilgrim Petroleum Corporation’s stock symbol
February 24th 2011
Mr. xxxxxxxxxx,
Pilgrim Petroleum Corporation must strongly object to the placement of our stock symbol PGPM to Caveat Emptor status on OTC Markets.
As explained verbally by you, the justification for you to place our Company on this status level was based on your claim that our symbol had excessively high trading volumes, while in the past, we have had higher trading volumes while under stop status but at that time were not moved to the Caveat Emptor classification.
Pilgrim Petroleum Corporation must also strongly protest OTCMarket policy on failing to notify our Company in advance of the Caveat Emptor status change. This policy is in our view highly unethical as your company had accurate contact information and Pilgrim Petroleum could have easily corrected your grievances prior to causing our company financial damage.
Please be aware that no Board Member, Officer or Employee of Pilgrim Petroleum Corporation was involved in the trading activity that occurred. We were not even aware that the symbol had even traded for the day until approximately 1pm EST.
For your review I have provided copies of our past two quarterly financial statements as well as an OTCMarkets application and a check for reinstatement. We wish to have this issue resolved as quickly as possible in order to control financial damages to our company, post our quarterly financials and release a PR statement clarifying current operations at Pilgrim Petroleum Corporation.
Sincerely,
Matt O’Bryant
President
Pilgrim Petroleum Corporation
AI
