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"Pilgrim Petroleum Corp. is a Texas based oil and gas exploration and development (E&D) company with domestic producing crude oil and natural gas properties. The company has positioned itself and its shareholders to take advantage of the supply needs in the energy sector by providing domestically produced resources. They currently hold crude oil and natural gas reserves with the majority of acreage in shallow formation fields for low cost exploration, drilling and production. The company’s management and operational team have extensive oil and gas industry expertise as well as capital market experience. Their combined strengths allow the company to run at maximum efficiency while exploiting the full potential of our properties to maximize production.
Currently, Pilgrim Petroleum is concentrating its efforts in the Lilly Hooks Field, where three Sand Zones are oil productive across the entire Field. The D Zone is the principal producer, with non-proven reserves of about 100,000 barrels per well. The A and B Zones have reserves of about 25,000 barrels each. Pilgrim owns more than 80 old wells in the area, currently being re completed and it will be drilling new wells as soon as the recompletion program of all wells is achieved.
The Barnett Shale growth, one of the hottest domestic natural gas reserves, has been very impressive, from around 275 mmcfd in late 1999 to around 900 mmcfd today, it mostly comes from the areas of Denton, Tarrant and Wise counties.
The bottom line: With the new insider investment and share repurchase program there is a lot of positive sentiment surrounding Pilgrim Petroleum Corp (OTCMKTS:PGPM) and with the price dipping to $0.0043, there is some potential for this to deliver lucrative returns for daring investors."
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