Replies to post #16254 on Pilgrim Petroleum Corp. (PGPM)

[PGPM_COO]

Responses below:

Don't mean to bust your balls......but.......In general, if you can openly answer some question.......

Anytime. Some statements forward looking.

Since it looks like the leases will revert back to PGPM (and saying this for lack of information otherwise)......and the time line for the drop dead date has expired...and lawyers in a "good way" are in action.....and they (leases) are in shambles..etc...

What is the plan to get them in shape for sale or use??

It will require money either generated internally or from a capital source. The money will be spent on geoscience and bringing wells and leases back into production and compliance.I do not want to use Company equity at this time because it is too expensive.

In lieu of the monetary compensation that the original deal encompassed, and lease revert...what will become of the stated paid study that Gustavson did a few years ago that was not PR'ed by ACLY?

The study might be able to be used by Pilgrim, but it will take some work to get all the appropriate documentation from Arcland/RP.(essentially an audit will be needed)

Should that (Gustavson report) be property of PGPM now, and will it be publicized?

I will put it on the website after re-evaluation. Although I'll probably post it in the data room which will require a user account on the website.

With the re-possession of the leases will the company (PGPM) acquire any fines associated with the leases, or does it remain with the company involved at the times of levy?

The fines are against the subsidiary American Petroleum and will probably come home with the leasehold, unless I can get creative.

What is involved in getting the leases current with the TRC?

Pay the fines, clean the leases up, bring wells back to active status and file appropriate documentation with the TXRRC.

If (leases are) back on the books for PGPM...what does that mean for company worth and how will the reporting change...that is shortly due?

An Asset value will revert back to Pilgrim and the tax liability will go away. Because of two years of neglect the value (both book and street) has probably declined but I wont know for sure until after the transfer.

Any plans to lift the PinkSheets Limited????

Yes, but this costs money and there is a long list of things that will need to be paid such as judgements, fines, geoscience, lease rework, well rework, and promotional PR.

Also, I am always trying to bring the highest value for the lowest cost to the Company. The way RP structured some of the business dealings I often have to get creative and think several steps ahead fbo the shareholders. I have a plan but everyone will have to wait to see what happens.