Pilgrim Petroleum Reports EPS $0.06 for Fiscal 2007
13 February 2008 - 7:23AM
Marketwired
IRVING, TX (FRANKFURT: PHV) reports EPS for its Fiscal 2007.
Pilgrim's Net Income for the twelve months ended December 31, 2007
was $33,725,949, resulting in (EPS) earnings per share of $0.06 for
the entire year. Pilgrim's recent activities related to
acquisitions, farm-outs and well reactivation program have
contributed to the optimization of the company's EPS and
improvement of its overall value. Pilgrim's reactivation plan has
successfully put back online 35 wells. By optimizing production and
increasing operational efficiency, Pilgrim will continue to
generate a consistent rate of return for its shareholders. The
company expects to continue this trend by keeping overhead low
while expanding capital deployment over more well interests.
Additionally, President and CEO, Rafael Pinedo, issued a letter to
shareholders today, providing an update on the company's progress
available at www.bpetroleum.com.
Rafael Pinedo, President and CEO of Pilgrim Petroleum
Corporation, commented, "We are making progress with our ongoing
initiatives to improve operation activities and Pilgrim's value.
Given our operating progress to date, we are confident that EPS
will increase progressively for fiscal 2008."
About Pilgrim Petroleum Corporation
Headquartered in Irving, Texas, Pilgrim Petroleum Corporation is
a publicly traded company (PINKSHEETS: PGPM) (FRANKFURT: PHV). The
company is acquiring oil and gas leases, producing properties,
mineral rights and surface interest's 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.
2008 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.
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CONTACT: Pilgrim Petroleum Corporation Eddie Monet 619-864-0166
www.apetroleum.com
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