SOURCE: Pilgrim Petroleum Corporation

January 24, 2008 11:39 ET

Pilgrim Petroleum to Participate in North American Prospect Exhibit (NAPE) Expo

IRVING, TX--(Marketwire - January 24, 2008) - Pilgrim Petroleum Corporation (PINKSHEETS: PGPM) (FRANKFURT: PHV) and its alliances Lariat Energy Corp and American Petroleum Corp will participate in the North American Prospect Exhibit (NAPE) Expo February 7-8, 2008 at GRB Convention Center, Booth 4125, Houston, Texas. The parties involved in the alliance have come together in a mutual interest to cooperate and openly share strategic positions on the oilfield services market.

Pilgrim Petroleum Corporation's CEO, Rafael Pinedo, said: "The NAPE Expo will contribute to develop exploration and production opportunities in Canada and Asia."

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 primarily 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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