SOURCE: Pilgrim Petroleum Corporation

July 31, 2008 13:16 ET

Pilgrim Petroleum Corporation Reports Second Quarter 2008 Results

DALLAS, TX--(Marketwire - July 31, 2008) - Pilgrim Petroleum Corporation (PINKSHEETS: PGPM) (FRANKFURT: PHV) is pleased to announce its financial results for its six months ended June 30, 2008. Pilgrim's Net Revenues for the year totaled $64,453 compared with $42,255 during second quarter last year, an increase of 53%. On the other hand, operating expenses reported an increase of 100% approximately from $64,164 to $144,043 compared to last year's results. The increase in operating expenses was primarily due to the increase in administrative and operational costs and infrastructure.

Pilgrim's detailed financial statements can be viewed at http://www.bpetroleum.com and will be also available at http://www.pinksheets.com.

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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