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Pilgrim Petroleum Announces New Venture to Acquire Oil and Gas Assets
DALLAS - July 13, 2016 - PRLog -- Pilgrim Petroleum Corporation (PGPM), an independent oil and gas company, has announced the acquisition of Bakken, Eagle Ford and Woodford Shale assets for approximately $330 million net of customary closing adjustments. The assets include approximately 210,000 acres with most of the position held by production. American Capital Investment LLC has agreed to sell 100% of its equity interest in its oil and gas subsidiary Alpha Petroleum LP to Crescent Hill Capital Corp, a Dallas, Texas private equity firm providing a credit facility at closing (currently estimated to be $557 million). The purchase price is subject to other customary closing adjustments, including adjustments for property title and environmental defects. The transaction is expected to close on September 2nd, 2016, subject to satisfaction of applicable closing conditions. The agreement may terminate at any time following October 21, 2016 if closing has not occurred by such date.
Rafael A Pinedo, Chairman of Pilgrim, said the company expects to maintain its original drilling and completion budget for this year, 2016, amid oil prices; Stephen Richardson, Pilgrim Petroleum President and CEO, said, "Each acquisition builds our natural energy reserve base. We will continue to acquire properties to increase our residual revenue." Also, Richardson Announces a complete reorganization and consolidation of the company effective August 1st, 2016.
This news release contains "forward-looking statements," as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this news release that are not historical facts are forward-looking statements that are subject to risks and uncertainties. Words such as "expects," "intends," "plans," "may," "could," "should," "anticipates," "likely," "believes" and words of similar import also identify forward-looking statements. Forward-looking statements are based on current facts and analyses and other information that are based on forecasts of future results, estimates of amounts not yet determined and assumptions of management. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with exploration for minerals; changes in the operating costs and changes in economic conditions and conditions in mineral exploration.
These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance those beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our current and periodic reports filed from time-to-time with the Securities and Exchange Commission.
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