PGPM Pilgrim Petroleum Corporation (CE)

Pilgrim Petroleum Corporation (PINK SHEETS: PGPM) announced today that its third quarter net income, ending 9/30/06, increased 45% from Q2. Net income for the 9 months ending 9/30/06 resulted in a 2,127% year-to-year increase, exceeding management expectations. The Company�s financial statements are available at its website: http://www.apetroleum.com. Pilgrim's operations, revenues and asset portfolio have been on a long uptrend and will continue to grow through: constant review and reevaluation of corporate strategy, opportunities of new joint ventures for diversification in operations and return optimization. Rafael Pinedo, President and CEO of Pilgrim Petroleum Corporation said, "Pilgrim Petroleum has been exceeding expectations on financial and operating results. For the past nine months of this year, Pilgrim Petroleum has achieved its commitment to keep increasing its performance level in the industry. Management will continue to make sure the company keeps outperforming estimates and financial goals.� Lastly, we will release, in complete detail, an �update of operations� and details of new acquisitions in Canada. About Pilgrim Petroleum Corporation Headquartered in Irving, Texas, Pilgrim Petroleum Corporation 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 Pilgrim Petroleum Corporation (PINK SHEETS: PGPM) announced today that its third quarter net income, ending 9/30/06, increased 45% from Q2. Net income for the 9 months ending 9/30/06 resulted in a 2,127% year-to-year increase, exceeding management expectations. The Company's financial statements are available at its website: http://www.apetroleum.com. Pilgrim's operations, revenues and asset portfolio have been on a long uptrend and will continue to grow through: constant review and reevaluation of corporate strategy, opportunities of new joint ventures for diversification in operations and return optimization. Rafael Pinedo, President and CEO of Pilgrim Petroleum Corporation said, "Pilgrim Petroleum has been exceeding expectations on financial and operating results. For the past nine months of this year, Pilgrim Petroleum has achieved its commitment to keep increasing its performance level in the industry. Management will continue to make sure the company keeps outperforming estimates and financial goals." Lastly, we will release, in complete detail, an "update of operations" and details of new acquisitions in Canada. About Pilgrim Petroleum Corporation Headquartered in Irving, Texas, Pilgrim Petroleum Corporation 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