Pilgrim Petroleum Corp. (PGPM)

[awesomebummer]

This is still true?


Two weeks and a couple of days left because June 3 is the last business day before LOI expires. In addition to its day-to-day activities, whatever they may be producing nothing, ACLY needs to:

* "Clean up" its theft of PGPM/affiliate's oil leases and other assets;

* Become current on its financial statements;

* Pass an audit;

* Recapitalize ACLY;

* Possibly initiate a new corporate affiliate (with capital?) for the Russian venture;

* Complete its complicated foreign financing arrangements by June 5, 2011; and

* Get the compliance response letter from the prior audit firm.

Of course, the winter sets in quickly in Russia, hence the need to promptly get production facilities/infrastructure started in June/July. This may be demanded by the outside investors.