PGPM Pilgrim Petroleum Corporation (CE)

Pilgrim Petroleum Corporation (PINK SHEETS: PGPM) is pleased to announce the company's third quarter outlook has exceeded expectations. A positive estimate revision showed that Pilgrim's revenue is to increase by more than 28.5% from the last quarter. The company's financial results will be released no later than October 15th, 2006. Since the beginning of the year, Pilgrim Petroleum has showed incremental developments in operations, financial performance and corporate strategy. Rafael Pinedo, President of Pilgrim Petroleum Corporation, commented, "Pilgrim Petroleum will continue to outperform estimates. We are committed to meet our objectives and achieve high performance by developing and building up distinctive capabilities that will enhance the company's value, creation and find further opportunities for business growth." About Pilgrim Petroleum Corporation Headquartered in Irving, Texas, Pilgrim Petroleum Corporation (PINK SHEETS: PGPM) is a publicly traded, 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.