SOURCE: Pilgrim Petroleum Corporation

April 29, 2008 08:13 ET

Pilgrim Petroleum Corporation Reports First Quarter 2008

DALLAS, TX--(Marketwire - April 29, 2008) - Pilgrim Petroleum Corporation (PINKSHEETS: PGPM); (FRANKFURT: PHV) is pleased to announce its financial results for its three months ended March 31, 2008. Exceeding expectations, Pilgrim's Net Revenues for the year totaled $74,555 as compared with $110,190 in 2007 a decrease of 48%. Operating Expenses decreased more than 100% from last quarter 2007 with $172,083 to $83,883 in the first quarter 2008. The decrease in revenues was primarily due to the fact that the Company has lower working interest in most of its operated oil and gas properties. However, the Company's main focus has become maximizing Project and Lease New Acquisitions, while receiving royalty and interest income as a result of reworked wells on the Company's properties.

Pilgrim's detailed financial statements can be viewed at Pilgrim's financial statements are also available at

About Pilgrim Petroleum Corporation.

Pilgrim Petroleum Corporation (PINKSHEETS: PGPM), (FRANKFURT: PHV) 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.

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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