that probably isn't a very good comparison since that stock did an R/S of 100:1 just a month ago...and the volume is extremely thin as well. RP is known for NOT pulling through on any of his touted ventures...it all sounds good, but he just never crosses the finish line.
I would say based on his past performance over the last 10 years, it's more likely this russian deal will have no positive outcome for us retail investors. IF RP happens to pull something out and we make money...I will be thrilled as I dump everything I have as quickly as possible and run far, far away from ANY of his ventures.
A MAJOR part of the RP skepticism is the fact that he touted the Gustavson report and did absolutely NOTHING positive. Back then oil was trading at $60 - $80 a barrel...it's now in excess of $100 a barrel and we are still in the toilet with even less positives now than 4 - 5 years ago.
IRVING, Texas: Pilgrim Petroleum Corporation (Pink Sheets:PGPM) announced today results and explanation of Gustavson preliminary resource report, in addition to future plans to further valuate our properties. Pilgrim Petroleum's initial estimation of potential resources was based on an early or "pre-development" stage, in which estimates are restricted to volumetric calculations under predeterministic methods. According to Gustavson, Pilgrim Petroleum's portfolio of properties presents a high probability of drilling success, namely about 2 out of 3 exploratory wells are likely to discover oil or gas in amounts of 1 million barrels of oil or the equivalent in gas (4-6 BCF. Therefore, it is most likely that 4 fields (3 drilling targets on two land positions at 2/3 success) will be found. The P50 resource estimate is therefore 4 million barrels of oil equivalent. They also provided a rough estimate of approximately $10 million for the exploration/drilling campaign, through seismic, drilling and completion towards finding 4 million BOE with a market value of about $40 million. Gustavson`s preliminary report, is available at our website: www.apetroleum.com.
Rafael Pinedo, CEO of Pilgrim Petroleum Corporation, commented, "Our next step is to start an economic evaluation under SEC rules, and immediately bring those values to our financial statements for the second quarter 2006, while we continue more selective acquisitions and partnerships, the value of the company is our highest priority. Pilgrim has a bright horizon. We plan to continue working with Gustavson Associates for future prospect domestic and international acquisition assessments."
