IRVING, Texas, Sept. 16 /PRNewswire-FirstCall/ -- PILGRIM Petroleum Corporation (PGPM), has announced the results of the successful restarting of the Climax Lease in Archer County Texas; Production through the last two weeks in of a total of 105 bbl, an increase of 50 percent will be expected on the next few weeks, however issues with the water disposal, among others items which is currently being addressed, have prevented the field from maintaining highest levels of production. Eddie Monet Pilgrim Director also provided updates on several fronts: Monet said that minimal revenues have begun to flow from the Company's fields in North West Texas, and that plans are underway to bring production, incorporating two more leases by late 2005, although the plans, he cautioned, are conditioned on financing and resource availability. Also, the company is currently preparing its "reserve report" for the third fiscal quarter of 2005, and expects to report results on or before Oct 31, 2005; "We anticipate that the process of bringing additional fields to 'normal' operation and full production will likely take approximately six months from the time work commences and financing is in place. Based on that estimate, we believe we can achieve our desired production levels during calendar 2005, although this is highly dependent on having necessary financing." 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, Investor Relations of PILGRIM Petroleum Corporation, Director/Business Development, +1-619-864-0166 Web site: http://www.bpetroleum.com/

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