IRVING, Texas, Aug. 9 /PRNewswire-FirstCall/ -- PILGRIM Petroleum Corporation (OTC Pink Sheets: PGPM), an independent oil and gas company, announced today the starting of the Climax Lease in Archer County Texas. The Climax lease suspended production in December 2003, producing an average of 156 BpM. We are eager to have the Climax lease producing in the next 30 days. 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. DATASOURCE: PILGRIM Petroleum Corporation CONTACT: Eddie Monet, Director-Business Development of PILGRIM Petroleum Corporation, +1-619-864-0166

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