PGPM Pilgrim Petroleum Corporation (CE)

Pilgrim Petroleum has been receiving several calls and emails from shareholders that are inquiring as to the press release on May 1, 2006, related to our Potential of Recoverable Oil. Management would like to report: we hired a third party "Valuation Engineer Report." We feel this is a very important necessary step in the company affairs and our redevelopment in North West Texas. This will define a more sustainable valuation of our company. Pilgrim Petroleum is actively pursuing additional Barnett Shale drilling and reworking opportunities. It is anticipated that expanded and/or new joint ventures will be implemented over the next few months. This emphasis will contribute to the near-term goal to achieve production and more proven reserves. In addition, this strategy will complement the medium-term drilling plans on the land base currently held. Select Canadian Quebec shale gas projects are also under technical analysis and review. Knowledge and expertise held by Pilgrim Petroleum and its joint venture partners will be contributing factors in capturing emerging unconventional Canadian opportunities. Rafael Pinedo, President of Pilgrim Petroleum Corporation, commented, "Each acquisition builds our natural energy reserve base for our shareholders. We will continue to acquire properties and bring our wells on line throughout 2006 in order to increase our residual revenue with no geopolitical risks." About Pilgrim Petroleum Corporation. Headquartered in Irving, Texas, Pilgrim Petroleum Corporation is a publicly traded company (Pink Sheets:PGPM). 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 primary on marginal fields. Once acquired, the company intends to redevelop 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.