PGPM Pilgrim Petroleum Corporation (CE)

Pilgrim Petroleum Corporation (Pink Sheets:PGPM) announced today financial analysis and considerations on the profitability of developing the 4 million BOE by spreading the exploitation of 4 million barrels with an average of $65 per barrel of oil in 4 years. Based on these Gustavson's report assumptions and NPV analysis we have the following: With the assumption of an initial investment of $10 million and potential cash inflows of $65 million (assuming 1 million BOE per year at $65 oil price) then our PV at a discount rate of 10% would be $206,043,500, meaning a positive NPV of $196,037,000. -0- *T (Initial Investment = $10,000,000) Inflows = $65,000,000 r = 10% --- (Factor of 3.1699) n = 4 years PV = $206,043,500 NPV = $196,037,000 *T A complete economic report and company valuation is on progress, based on the above analysis and will be part of the audit required for our SEC filing. Rafael Pinedo, CEO of Pilgrim Petroleum Corporation, commented, "These additional inflows will definitely make a direct impact in the fair value of the company and should bring the value of our stock up considerably, without considering variables like oil prices, new acquisitions and partnerships, etc." About Pilgrim Petroleum Corporation Headquartered in Irving, Texas, Pilgrim Petroleum Corporation is an independent oil and gas company. 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.