3SOF

Worth a look..............Trading at .04 cents!

Wow, hit 10 cents already!
   

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

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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...........

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. 

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

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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..............

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..............

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!!!!   

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.........