PGPM Pilgrim Petroleum Corporation (CE)

Pilgrim Petroleum Corporation (Pink Sheets:PGPM), an independent oil and gas company, announced today plans to activate Cowan-McKinney lease and promoting two new prospects, in Archer County, Texas in a very low level of risk. These prospects, which represent an estimated proved undeveloped reserves of 43,036 net bbl; have a very high potential of a cumulative production of 27,819 BO in total that will allow Pilgrim Petroleum to considerably increase its existing production levels. These new plans are intended to capitalize on the optimization of Pilgrim Petroleum's existing assets and its capabilities by streamlining operations. Rafael Pinedo, Pilgrim Petroleum President said, "Capitalizing on our existing assets and utilizing our operational excellence will contribute on our vision of continuous value creation to be more profitable and efficient to our shareholders." About Pilgrim Petroleum Corporation. Pilgrim Petroleum Corporation is an independent oil and gas company based in Irving, Texas. The company is acquiring oil and gas leases, 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 refurbishing and improving the existing production. 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. 2006 Pilgrim Petroleum Corporation. 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.