PGPM Pilgrim Petroleum Corporation (CE)

Pilgrim Petroleum Corporation, (Pink Sheets:PGPM) is pleased to announce that during the last two weeks, the company has put in line seven additional workovers in the Waggoner "AN" lease, which is currently producing approximately 18 barrels per day. Additional workovers are planned and scheduled, targeting an additional seven to eight workovers for the next two weeks. Due to the additional work related to the company's last acquisition and scheduling issues, Gustavson Associates were unable to deliver the reserve evaluation report as it was informed. Gustavson`s staff is working to complete the report and it will be released soon on Pilgrim's website when completed sometime this week. Subsequently we will proceed with our audit and filings with TSX and SEC. We anticipate great news for this third quarter 2006. Pilgrim Petroleum Corporation Vice President of Operations Jeffrey Fanning said, "Growth is our main goal. The company's production levels are steadily increasing, while targeting new horizons and further developments." About Pilgrim Petroleum Corporation Headquartered in Irving, Texas, Pilgrim Petroleum Corporation is a publicly traded company (Pink Sheets:PGPM). 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 develop each property to maximize the income from each 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.