SOURCE: Pilgrim Petroleum Corporation

October 26, 2007 11:07 ET

Pilgrim Petroleum Reports Third Quarter 2007 Financial Results

DALLAS, TX--(Marketwire - October 26, 2007) - Pilgrim Petroleum Corporation (PINKSHEETS: PGPM) (FRANKFURT: PHV) today announced financial results for its third quarter and nine months ended September 30, 2007.

Net revenue for the Third quarter was $91,819. Overall net revenue from oil production over the company's lease positions incremented more than 100% from last quarter 2007. For the nine months ended September 30, 2007, net revenues were $244,264 and Net Income was $33,834,523. Total Assets as of September 30, 2007 was $42,099,186. Total Cost of production incremented to $40,442 from last quarter's $15 and administrative expenses to $118,524 from second quarter's $64,164. The increase was caused by extra employee, office, equipment and marketing expenditure to support the growth of the company. The company's Financial Statements are available at http://www.pinksheets.com/quote/finance.jsp?symbol=PGPM or its website: www.bpetroleum.com

Rafael Pinedo, President and CEO of Pilgrim Petroleum Corporation, commented, "Pilgrim's 2007 third quarter financial results show small incremental improvements and reflect the process of adjusting to the recent portfolio farm-out to enter into the reinvesting phase of new acquisitions with exploitation upside."

About Pilgrim Petroleum Corporation.

Pilgrim Petroleum Corporation (PINKSHEETS: PGPM) (FRANKFURT: PHV) is an independent oil and gas company based in Irving, 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.

2007 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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