SOURCE: Pilgrim Petroleum Corporation

October 31, 2007 11:33 ET

Pilgrim Petroleum Announces Corporate Update to Shareholders

DALLAS, TX--(Marketwire - October 31, 2007) - Pilgrim Petroleum Corporation (PINKSHEETS: PGPM) (FRANKFURT: PHV), an independent oil and gas company, announces Rafael Pinedo, CEO of Pilgrim Petroleum Corporation, will release the Third Quarter President's Report to Shareholders and Potential investors, during the second week of November 2007, outlining current operation milestones, corporate updates, and progress on the company's development and expansion plans.

The company is also pleased to announce that it has been featured in a leading oil and gas magazine "The Oil and Gas Investor" Magazine. The interview can be found in the October 2007 edition, a special report about the Oil and Gas Industry and the Upstream Microcaps written by Jeannie Stell. The investment community is invited to check on page 104 to see part of the interview that was conducted.

Rafael Pinedo, President of Pilgrim Petroleum Corporation, commented, "Pilgrim Petroleum's Management is highly focused on developing and improving operations as well as our communication with our shareholders through our Quarterly Reports and interviews. Yet, our main and most important goal is currently focused on acquiring more properties with significant upside potential, while bringing back our remaining shut-in wells into production throughout 2007."

About Pilgrim Petroleum Corporation.

Headquartered in Dallas, Texas, Pilgrim Petroleum Corporation is a publicly traded company (PINKSHEETS: PGPM) (FRANKFURT: PHV). Pilgrim Petroleum Corporation is an independent oil and gas company based in Dallas, Texas. 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 redevelop each property to maximize the income from each property 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.

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.

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