PGPM Pilgrim Petroleum Corporation (CE)

Pilgrim Petroleum Corporation announced today the company�s projected EPS (Net Earnings / Outstanding Shares) $102,370,000/358,841,164 of 0.29 based on Pilgrim�s Future Net Revenues estimations. Thus, the resulting EPS multiplied by a sustainable growth rate of 25% and multiplied by the average industry P/E ratio of 14.79 (Reuters), Pilgrim�s intrinsic value or estimated stock value should be worth $1.055 per share. This assessment doesn't include all of Pilgrim Petroleum properties, only those in Wichita and Archer counties. We will disclose results next quarter for the rest of our properties. In its efforts to become a fully reporting company, Pilgrim Petroleum concluded its initial phase of acreage resource estimation and economic valuation. It will continue to value and put in line the additional properties recently added to its asset portfolio, while implementing its ongoing well re-activation program. Pilgrim Petroleum management is focused on multiple horizons with hydrocarbon potential and is proud to communicate that the company�s combined assets of marginal wells and potential resources will create additional value to its current and future shareholders. Rafael Pinedo, President of Pilgrim Petroleum Corporation, commented, "Pilgrim Petroleum is growing in a very fast pace with substantial opportunities. Management is committed to continue our process to be listed in Canada. Pilgrim Petroleum is looking forward to keeping investors informed of its progress and success in 2006.� 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. Pilgrim Petroleum Corporation announced today the company's projected EPS (Net Earnings / Outstanding Shares) $102,370,000/358,841,164 of 0.29 based on Pilgrim's Future Net Revenues estimations. Thus, the resulting EPS multiplied by a sustainable growth rate of 25% and multiplied by the average industry P/E ratio of 14.79 (Reuters), Pilgrim's intrinsic value or estimated stock value should be worth $1.055 per share. This assessment doesn't include all of Pilgrim Petroleum properties, only those in Wichita and Archer counties. We will disclose results next quarter for the rest of our properties. In its efforts to become a fully reporting company, Pilgrim Petroleum concluded its initial phase of acreage resource estimation and economic valuation. It will continue to value and put in line the additional properties recently added to its asset portfolio, while implementing its ongoing well re-activation program. Pilgrim Petroleum management is focused on multiple horizons with hydrocarbon potential and is proud to communicate that the company's combined assets of marginal wells and potential resources will create additional value to its current and future shareholders. Rafael Pinedo, President of Pilgrim Petroleum Corporation, commented, "Pilgrim Petroleum is growing in a very fast pace with substantial opportunities. Management is committed to continue our process to be listed in Canada. Pilgrim Petroleum is looking forward to keeping investors informed of its progress and success in 2006." 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.