Worth a look..............Trading at .04 cents!
Wow, hit 10 cents already!
:o
PR is phenomenal, but I've never bought a pink sheet before.
Advice?
Here's the PR.
Press Release Source: Pilgrim Petroleum Corporation
Pilgrim Petroleum Announces Record Income for Quarter and Increase of Potential Oil Reserves
Monday May 1, 10:43 am ET
IRVING, Texas--(BUSINESS WIRE)--May 1, 2006--Pilgrim Petroleum Corporation (Pink Sheets:PGPM - News), an independent oil and gas company, announced today its plans of steadily working on increasing production in its current portfolio of leases on American Petroleum Corporation & General Energy Corp both subsidiaries and operators of Pilgrim.
Based on a 12,000-acre portfolio of proven undeveloped fields in the area of Archer and Wichita County, Texas, Pilgrim Petroleum estimates very high volumes of recoverable reserves. If the whole estimated subsurface is taken into consideration when calculating the potential of recoverable oil, the estimation reveals an approximate of 900 million barrels of recoverable oil.
(Total reserves based on 12,000 productive acres
12,000 acres x 500 feet x 150 barrels per acre foot =
900 million barrels of recoverable oil)
The net effects for the valuation of Pilgrim's stock with this potential recovery can be calculated as follows:
At US$60 per barrel for proven reserves and a portfolio that generates 900 million barrels of oil, Pilgrim Petroleum can be valued conservatively at 900 million barrels x 20% net revenue interest to Pilgrim Petroleum x US$60 per barrel = $10.08 billion less $100 million net development cost = $US10.07 billion in potential assets if fully developed. Pilgrim common stock could be worth approximately: $US10.07 billion divided by 322,720,011 common shares = $33.15 per share.
Pilgrim Petroleum Corporation CEO Rafael Pinedo said: "With these projections in hand, our objectives as a firm are steadily being accomplished as well as our serious commitment to our nation's energy supply."
Safe Harbor" Statement under the Private Securities Litigation Reform Act: Statements in this news release may contain forward-looking information within the meaning of Section 27a of the U.S. Securities Act of 1993 and Section 21E of the Securities and Exchange Act of 1934, and is subject to the safe harbor created by those sections. All statements, other than statements of historical fact, are forward-looking statements that involve various risks and uncertainties, which may, individually or mutually, impact the matters described herein. There can be no assurance that such statements will prove to be accurate, and the actual results and future events could differ materially from those anticipated in such statements. The company assumes no obligation to update the information contained in this release. Readers should not place undue reliance on any forward-looking statements contained herein.
Contact:
Pilgrim Petroleum Corporation, Irving
Eddie Monet, 619-864-0166
Fax: 214-687-0019
www.apetroleum.com
--------------------------------------------------------------------------------
Source: Pilgrim Petroleum Corporation
still running, .135, just missed it at 0.04 and did not chase. should have! oh well.
so you wouldn't chase now?
I bought very small amount at 12 cents just in case it continues to rocket...though I know it won't...
Quote from: garym on May 01, 2006, 01:32:51 PM
so you wouldn't chase now?
I bought very small amount at 12 cents just in case it continues to rocket...though I know it won't...
well after a stock has run 1000% don't know if called chasing, but then how much more can it go? Per pr $33, but is that realistic? Only time will tell. Since you bought shares, wish you luck. Keep us updated on this trade.
Personally Im in for 40k shares at .04...........
This will run tomorrow BIG Time........JMHO
I think this could hit a $1.00............
Great find! Greeat PR.
Could still run a lot, I guess.
I missed this one too.
Glta.
The mkt will solidify the PR, and if volume steps in again.......Look out, this could be fun.....
Large blocks traded all day: 500k, 1 million, 1.5 million, 2million, I even saw a couple 10 million blocks........... :o
This exactly why the stock market is so great and exciting...........Can you say SPECULATION!
Had a nice run this morning. Bought in the morning at .12 and sold at .22. :D
It held some ground there at the end...............Curious how tomorrow plays out. Looking to add...........
Good news it seems. Hopefully the progress PRs will continue.
Press Release Source: Pilgrim Petroleum Corporation
Pilgrim Petroleum Corporation Announces Record First Quarter and Profitability
Wednesday May 3, 1:03 pm ET
IRVING, Texas--(BUSINESS WIRE)--May 3, 2006--Pilgrim Petroleum Corporation (Pink Sheets:PGPM - News), announced today it achieved record sales and profitability for the previous quarter ending March 31, 2006; over triple from last year. The Company also maintained its debt free status and increased its shareholders equity. These figures don't include the value of our Puds or Unproven Reserves, we will include these figures on the next quarter since our proven reserves are increasing daily. Today current oil price structure and its know-how and cost-effective technology will contribute to targeting new prospects with low level risks and undiscovered recoverable and unrecoverable oil by traditional technology.
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Pilgrim Petroleum Corporation CEO Rafael Pinedo said: "Our financial performance for the quarter well exceeded our expectations and our previous guidance, yet we look forward to maintaining our growth for some time as oil prices increase, all the while sustaining significant profitability."
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 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 effects 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.
Contact:
Pilgrim Petroleum Corporation
Eddie Monet, 619-864-0166
[email protected]www.apetroleum.com
--------------------------------------------------------------------------------
Looks like some consolidation...............
This might try to make another run............Not sure about all the fluff PR's, unless of course this is for real.............. ;D
Quote from: Holygrale on May 03, 2006, 10:37:36 PM
Looks like some consolidation...............
This might try to make another run............Not sure about all the fluff PR's, unless of course this is for real.............. ;D
I threw $200 in it a little on the hight side....of course, i'm not worried about it, but I am hoping it hits $33.15!!!! ;D
i threw some money in near its high on tuesday too. i'll settle for $33/sh. Lets go Pilgrim Pete.
ok....Not sure what to think but I jumped out at .16 cents............I will wait til she settles or until we get news.........
anyone who didnt buy in today will be chasing this rocket next week.
i smell an ndol in the making.
i hope so, i bought near the high tuesday and have watched it dip pretty low. need to turn around my streak of bad decisions
Well today was interesting.............Looking to jump back in, next couple of days. Nice to see a little sideways action, just waiting for confirmation.
that chart does look like its getting ready to pop again if we see news..
I dont know how much trust you put in indicators but here it is.
PGPM - PILGRIM PETROLEUM CP (OTC)
Date Open High Low Last Change Volume % Change
05/05/06 0.1300 0.1700 0.1000 0.1520 +0.0270 10393500 +21.60%
Composite Indicator
Trend Spotter TM Buy
Short Term Indicators
7 Day Average Directional Indicator Buy
10 - 8 Day Moving Average Hilo Channel Buy
20 Day Moving Average vs Price Buy
20 - 50 Day MACD Oscillator Buy
20 Day Bollinger Bands Hold
Short Term Indicators Average: 80% - Buy
20-Day Average Volume - 8457935
Medium Term Indicators
40 Day Commodity Channel Index Buy
50 Day Moving Average vs Price Buy
20 - 100 Day MACD Oscillator Buy
50 Day Parabolic Time/Price Buy
Medium Term Indicators Average: 100% - Buy
50-Day Average Volume - 3486358
Long Term Indicators
60 Day Commodity Channel Index Buy
100 Day Moving Average vs Price Buy
50 - 100 Day MACD Oscillator Buy
Long Term Indicators Average: 100% - Buy
100-Day Average Volume - 1913714
Overall Average: 96% - Buy
Price Support Pivot Point Resistance
0.1520 0.0707 0.1407 0.2107
Traders Nation is a popular website for investors.
I just checked their website and not only is the Pilgrim Petroleum's CEO webcast on the front page but also the second to last PR(stating 900 million barrrels of oil, pps$33) on the top of the Latest Headlines Section!!!!
This thing should gap up on Monday.
http://www.tradersnation.com/
News out...
Pilgrim Petroleum Corporation Announces Leases and Production Acquisition in North West Texas
Monday May 8, 10:50 am ET
IRVING, Texas--(BUSINESS WIRE)--May 8, 2006--Pilgrim Petroleum Corporation (Pink Sheets:PGPM - News) announced today new acquisitions of approximately 25 wells in a marginal production area, including several hundred undeveloped acres located in Wichita County Texas. The acquisition includes processing equipment, acreage and existing production of approximately 25 bpd to 45 bpd. Pilgrim chose these target prospects based on proven reserves and drilling success of fellow exploration firms in same Basin Region. Pilgrim Petroleum's goal is to now focus on potential drill programs and development of the most promising lease properties in its portfolio. Today current oil price structure and its know-how and cost-effective technology will contribute to targeting new prospects with low level of risk and undiscovered recoverable and unrecoverable oil by traditional technology.
ADVERTISEMENT
Pilgrim Petroleum Corporation CEO Rafael Pinedo said, "Future acquisitions in our target regions could give the resources necessary to build the dedicated team and to pursue further our portfolios of proven or semi-proven exploration targets all the while sustaining significant profitability without incurring additional debt."
About Pilgrim Petroleum Corporation
Headquartered in Irving, Texas, Pilgrim Petroleum Corporation is a publicly traded company (Pink Sheets:PGPM - News). 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.
I like the sideways action, jumped back in........Looking for a break out with news or volume.
Poster on Ragingbull saying he's heard a rumor on another board of a potential buy out ............who knows.
anyone here know why the French and Chinese connection with PGPM? their website can be translated to these languages.
this little tidbit of info, just popped the price up to .16....still looking for that $33.15/pps....man, if that's not optimism, i don't know what is....
Pilgrim Petroleum Announces Plans to Become a Fully Reporting Company
By BusinessWire
Last Update: 5/10/2006 1:40:02 PM Data provided by
IRVING, Texas, May 10, 2006 (BUSINESS WIRE) -- Pilgrim Petroleum Corporation (Pink Sheets:PGPM), an independent oil and gas company, announced today the Company has begun the process of interviewing SEC qualified legal and accounting firms in preparation of the Company filing a Form SB1 or 10SB with the SEC to become a fully reporting public company under the provisions of Section 12(g) of the Securities and Exchange Act of 1934, as amended and or the filing of Form 211 with NASD to be listed on the OTC:BB.
The hiring of a qualified SEC legal and accounting firm is a significant step for Pilgrim Petroleum Corporation stated Rafael Pinedo, Company President. "This is the first step of many to create corporate transparency and understanding for our shareholders. This will also provide a vehicle for our investors to access financial and operational information about the Company that will be available to the public on a regular reporting basis."
Mr. Pinedo said, "Pilgrim Petroleum Corporation is involved in several lucrative acquisitions and is headed in the right direction to increase its profitability and we want to share this information with investors on a more timely basis and it is our expectation that this move will enhance our corporate image and broaden investor awareness. In the meantime, the Company will continue to communicate to shareholders and investors via press releases and our website www.bpetroleum.com concerning the Company activities."
PGPM : if you're still in look at chart. Heading up
Check out this news: I think its huge but the stock has not moved.
Any ideas anyone?
Wednesday, April 25 2007 12:50 PM, GMT-05:00
--------------------------------------------------------------------------------
Pilgrim Petroleum Reports Strong First Quarter 2007 Financial Results and Profitability
Business Wire "US Press Releases "
IRVING, Texas--(BUSINESS WIRE)--
Pilgrim Petroleum Corporation (Pink Sheets: PGPM); (FWB:PHV) today reported financial results for the first quarter ended March 31, 2007.
During the first three months ended March 31, 2007, Pilgrim's Net Income was $34,216,749 compared with $97,926 last year, an increase due to the sale of 80% of its North Texas working interests. The company still maintains its "No Debt" condition, keeping focus on its obligations solely to its stockholders. Despite of oil prices fluctuations, Pilgrim's recent acquisitions, sales of working interests and well reactivation program, have contributed to optimize and increase the company's EPS and overall value. Its Financial Statements are available at http://www.pinksheets.com/quote/finance.jsp?symbol=PGPM www.bpetroleum.com
Additionally, during April 25-26, American Petroleum Corporation, a Pilgrim's Subsidiary, will be present at the 77th Annual Meeting & Texas Petroleum Expo organized by the Texas Alliance of Energy Producers in Wichita Falls, Texas.
Rafael Pinedo, President and CEO of Pilgrim Petroleum Corporation, commented, "Pilgrim's 2007 first quarter financial results put in place solid foundations to maintain its growth and profitability on operational and financial performance."
Never mind. Did some DD and this seems like BS! Lousy company and misleading news!