PGPM Pilgrim Petroleum Corporation (CE)

Pilgrim Petroleum Corporation (Pink Sheets: PGPM), an independent oil and gas company, announces today that the Board of Directors has approved, effective immediately, a repurchase plan to buy up to $1.5 million of its common stock. Pilgrim shares may be repurchased from time to time in the open market through negotiated block trades or otherwise at the Company's discretion, based on ongoing assessments of capital needs of the business, the market price of its stock, general market conditions and other factors. These repurchases may be commenced or suspended at any time, or from time to time, without prior notice. No time limit has been set for the completion of the repurchase program. The shares repurchased will become treasury shares, and may be used later for general corporate purposes. About Pilgrim Petroleum Corporation Headquartered in Irving, Texas, Pilgrim Petroleum Corporation is a publicly traded company (PGPM). The company is acquiring oil and gas leases, producing properties, mineral rights and surface interest 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 (Pink Sheets: PGPM), an independent oil and gas company, announces today that the Board of Directors has approved, effective immediately, a repurchase plan to buy up to $1.5 million of its common stock. Pilgrim shares may be repurchased from time to time in the open market through negotiated block trades or otherwise at the Company's discretion, based on ongoing assessments of capital needs of the business, the market price of its stock, general market conditions and other factors. These repurchases may be commenced or suspended at any time, or from time to time, without prior notice. No time limit has been set for the completion of the repurchase program. The shares repurchased will become treasury shares, and may be used later for general corporate purposes. About Pilgrim Petroleum Corporation Headquartered in Irving, Texas, Pilgrim Petroleum Corporation is a publicly traded company (PGPM). The company is acquiring oil and gas leases, producing properties, mineral rights and surface interest 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.