SOURCE: Pilgrim Petroleum Corporation

November 27, 2007 17:24 ET

Pilgrim Petroleum Announces 25% Stock Dividend

IRVING, TX--(Marketwire - November 27, 2007) - Pilgrim Petroleum Corporation (PINKSHEETS: PGPM) (FRANKFURT: PHV), an independent oil and gas company, announced today that the Board of Directors, at their November 27, 2007 meeting, authorized a 25% stock dividend to stockholders of record on December 12, 2007 and to be distributed on December 28, 2007. The stock dividend will be accomplished by the distribution of one additional share for every 4 shares held on the record date by each stockholder.

Any stockholder electing to receive the Stock Dividend must be a registered stockholder, as the "record date" of Wednesday, December 12, 2007. Fractional shares will be rounded up to the next whole share. Payment of the dividend will not require an increase in the total number of the Company's authorized shares of common stock. No exchange of certificates is required.

About Pilgrim Petroleum Corporation

Headquartered in Dallas, Texas, Pilgrim Petroleum Corporation is a publicly traded company (PINKSHEETS: PGPM), (FRANKFURT: PHV). 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 develop each property to maximize the income from each 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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