PILGRIM Petroleum Corporation Announces Corporate Changes IRVING, Texas, July 5 /PRNewswire-FirstCall/ -- PILGRIM Petroleum Corporation (PGPM), an independent oil and gas company, announced today corporate changes. Effective July 1, 2005, the President of the company, Ms. Kimberly Tiemersma has resigned and was replaced by Raphael Pinedo, who has been working as a Director and spokesman of the company for some time. Pilgrim's goal is to consistently increase shareholder value through discipline and execution of its business model. Pilgrim's strategy is to add value and reserves through the identification of prospects and marginal leases which demonstrate attractive metrics and a high chance of success. About PILGRIM Petroleum Corporation: Headquartered in Irving, Texas, PILGRIM Petroleum Corporation is a publicly traded independent oil and gas company. The company is acquiring marginal oil and gas leases, marginal producing properties, mineral rights, and surface interests in Texas. Once acquired, the company intends to develop each property to maximize the income from each property by re-establishing production, refurbishing and improving the existing production and operations. Forward-Looking Statements: The statements which are not historical facts contained in this release are forward-looking statements that involve risks and uncertainties, including but not limited to, the effect of economic conditions, the impact of competition, the results of financing efforts, changes in consumers' preferences and trends. The words "estimate," "possible," and "seeking" and similar expressions identify forward-looking statements, which speak only to the date the statement was made. The Company undertakes no obligation to publicly update or revise any forward-looking statements, because of new information, future events, or otherwise. Future events and actual results may differ materially from those set forth herein, contemplated by, or underlying the forward-looking statements. The information herein is subject to change without notice. PILGRIM Petroleum Corporation shall not be liable for technical or editorial errors or omissions contained herein. SOURCE PILGRIM Petroleum Corporation DATASOURCE: PILGRIM Petroleum Corporation CONTACT: Investor Relations of PILGRIM Petroleum Corporation - Eddie Monet, Director-Business Development of Tribe Communications Inc., 1-888-309-5220 ext. 3 Web site: http://www.bpetroleum.com/

Copyright