Pilgrim Petroleum Announces Approval of Injection Well in Lochridge Lease
10 Août 2006 - 12:30PM
Business Wire
Pilgrim Petroleum Corporation (Pink Sheets: PGPM), an independent
oil and gas company, is pleased to announce that the Rail Road
Commission of Texas (RRC) has granted the approval of a new
injection well to be placed in the Lochridge Lease, located in
Wichita County, Texas. This lease has a historical accumulative oil
production of 27,280 BBL and will contribute to the White Meldon
and City National Bank lease re-work and well reactivation program
previously announced. The company estimates that starting daily
production will be 2-3 barrels per well, adding at least 36 barrels
per day, or 1,080 barrels per month. Production will increase
exponentially after sixty days, after the application of several
different recovery techniques. Pilgrim Petroleum Corporation Vice
President of Operations, Jeffrey Fanning said, "We are aggressively
continuing our Reactivation Program, leveraging on all resources
available to enhance recovery and further improve Pilgrim's
production levels." About Pilgrim Petroleum Corporation
Headquartered in Irving, Texas, Pilgrim Petroleum Corporation is a
publicly traded company (PGPM). Pilgrim Petroleum Corporation 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.
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