SOURCE: Pilgrim Petroleum Corporation

February 25, 2008 10:56 ET

Pilgrim Petroleum Announces Boost Oil Production and Progress Update in Operations for Q1 2008

DALLAS, TX--(Marketwire - February 25, 2008) - Pilgrim Petroleum Corporation (PINKSHEETS: PGPM) (FRANKFURT: PHV) announces its oil production levels increased by an average of approximately 15% over the last two months, after completion of four additional re-activated wells.

The company estimated these additional wells would increase production by approximately 10-12 bpd per well, adding at least 5% more to the portfolio, or 1,500 barrels per month, upon full completion. In addition, the company will apply for drilling authorization from RRC of Texas in Wichita and Archer County, and we will complete well designs and procurement for two well program in 2008; Lock#2, Lock#4. Pilgrim will complete on July 2008, a design for extensive 9 wells on the same area.

* Commenced construction of new road and new drill site location for Archer
county properties.
* Contract 3D seismic survey to identify potential reservoir objectives on
the basis of seismic attributes.

Pilgrim Petroleum Vice President of Operations, Jerry Schilling, said, "Pilgrim's Reactivation Program has shown significant progress since its implementation. This year, operations will continue to bring back more inactive wells into production and optimize our existent oil & gas production through reduced production cost, improved production rates and increased ultimate recovery."

About Pilgrim Petroleum Corporation

Headquartered in Irving, Texas, Pilgrim Petroleum Corporation is a publicly traded company (PINKSHEETS: PGPM). 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.

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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