PGPM Pilgrim Petroleum Corporation (CE)

Pilgrim Petroleum Corporation, an independent oil and gas company, announced today that it has entered into a master operating agreement with General Energy Corporation from Dallas, Texas. The agreement covers Pilgrim Petroleum's additional and current leases and all future properties in Wichita, Clay, Archer, Jack, Cook and Montague counties of North Texas. General Energy will begin immediately to perform all the necessary work to assure that Pilgrim Petroleum's properties are in full compliance with the regulations of the Texas Railroad Commission and re-establish oil production on the inactive leases over the coming months. General Energy will work in conjunction with American Petroleum, Pilgrim Petroleum's current operator. General Energy Corporation is an RRC of Texas fully bonded operator. Pilgrim Petroleum Corporation President, Rafael Pinedo, said, "We are aggressively continuing our Reactivation Program and very soon will begin a drilling program leveraging all resources available to enhance recovery and further improve Pilgrim's production." About Pilgrim Petroleum Corporation: Headquartered in Irving, Texas, Pilgrim Petroleum Corporation is a publicly traded independent oil and gas company (Pink Sheets:PGPM). 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 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. (C) 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.