PGPM - Strong Buy

 

 

Moderator: soupoftheday  Assistants: MOMOBoardmarks: 142
Created: 5/1/2006 11:47:30 AM




PILGRIM PETROLEUM CORPORATIONNOTES TO FINANCIAL STATEMENTSDECEMBER 31, 2007C. Significant EventThe company sold eighty percent (80%) of its’ net remainingproved undeveloped reserves in March 2007. The Company receiveda note receivable in the amount of $1,640,000 and received stockin the acquirer in the amount of $40,000,000.

Pilgrim Petroleum Announces General Energy Corporation Signs LOI for North Texas...
Thu Feb 22, 2007 7:03am ET
http://today.reuters.com/news/...GPM.PK&storyID=124522+22-Feb-2007+BW
Pilgrim Petroleum Announces General Energy Corporation Signs LOI for North Texas Oil Exploration Project IRVING, Texas--(Business Wire)--General Energy Corporation today announced the completion of a Letter of Intent ("LOI") to purchase 80% Working Interest (NRI 61%) for prospective oil resources in North Texas properties with leases covering a total of approximately 12,500 acres owned by Pilgrim Petroleum Corporation (OTC: PGPM) (FWB: PHV). The transaction outlined a sale price based on Pilgrim's Net Present Value of $52.05 million. The total price equivalent for the transaction will be $41.64 million; which will be paid in cash and stock on closing. A definitive purchase agreement will be completed within 30 days.

The execution of the Letter of Intent will allow the completion of the first phase of the North Texas Drilling Program, which is expected to access over $102,370,000 in probable reserves. According to a Reserve Evaluation dated September 15, 2006, undertaken by Gustavson Associates, over 1.8 million barrels of oil are potentially recoverable and economic.

REPORT>>>http://www.apetroleum.com/51-101%20Report%20Pilgrim.pdf

Pilgrim's Chief Executive, Rafael Pinedo, commented, "We continue to focus on increasing production capacity and we look forward to re-affirming Pilgrim's commitment to identify and negotiate attractive acquisitions of oil and gas properties with an exploitation upside."




Pilgrim Petroleum Reports EPS $0.06 for Fiscal 2007 Market Wire    "US Press Releases "

IRVING, TX -- (MARKET WIRE) -- 02/12/08 -- Pilgrim Petroleum Corporation (PINKSHEETS: PGPM) ( 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
http://www.apetroleum.com

Outstanding Shares
620,700,000 as of Feb 4, 2008
Authorized Shares
1,000,000,000 as of Jan 31, 2008
Float
168,500,000 as of Feb 4, 2008

O/S UPDATE 2/15/2008 -
749,000,000

Posted by: bucksmypup
In reply to: bud_fox who wrote msg# 5571 Date:2/26/2008 10:47:09 AM
Post #5572 of 5613


Moderator u need to update the outstanding to include 849,000,000 outstanding, float 220,000,000 , authorized 1 bil, per ED Monet yesterday. He said they still have about 30 million left to dilute from the last release. roughly 40 wells online presently. Selling shares to bring more wells online. bucks


2007 FINANCIALS >>> http://www.apetroleum.com/documents/Pilgrim12-07compQtrRpt_Fin.pdf

OIL PRICE - LIGHT CRUDE OIL >>> http://futuresource.quote.com/charts/charts.jsp?s=CL%20H8