DALLAS, April 27 /PRNewswire-FirstCall/ -- Pilgrim
Petroleum Corporation (Pink Sheets: PGPM) (FWB: PHV) an independent
oil and gas company, announced today negotiations to acquire
production in Wise County, Texas
in the heart of the Barnett Shale. This property has a history of
production and has existing wells available for reentry; Pilgrim
Petroleum will focus on refitting this property as well as other
hydrocarbon lease holdings in order to create an increase in
Company value.
Matt O'Bryant, President of Pilgrim Petroleum stated, "Each
acquisition builds our reserve base and leads to an increase in
assets and earnings. We will continue to acquire properties and
bring wells online throughout 2010 in order to increase our
hydrocarbon revenues."
In addition, capital acquisition through Joint Venture continues
on Pilgrim's discovery well location in Archer County as well as rework package
locations for leasehold interests in Archer, Wichita and Wilbarger counties, Texas. Existing well bores in these rework
areas provide excellent opportunities to increase oil production
through advanced enhanced oil recovery methods.
About Pilgrim Petroleum Corporation
Headquartered in Dallas, Texas,
Pilgrim Petroleum Corporation is a publicly traded company (OTC:
PGPM.PK) (Frankfurt: PHV.F). The company is acquiring oil and gas
leases, producing properties, mineral rights and surface interests
primarily on marginal fields. 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.
2010 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. For more information see our website at
www.bpetroleum.com or contact our IRFax number at 972-381-0401.
Contact:
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Matt
O'Bryant
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Pilgrim Petroleum
Corporation
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972-381-0400
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mobryant@bpetroleum.com
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SOURCE Pilgrim Petroleum Corporation