SOURCE: Pilgrim Petroleum Corporation

August 11, 2008 09:08 ET

Pilgrim Petroleum Announces Buyout and Dividend Distribution Update

DALLAS, TX--(Marketwire - August 11, 2008) - Pilgrim Petroleum Corporation (PINKSHEETS: PGPM) (FRANKFURT: PHV), an independent oil and gas company, announces that the company which has entered into material definitive acquisition Agreement, Implantable Vision Inc., has filed a preliminary proxy statement pursuant to section 14(A) of the Securities Exchange Act of 1934 in connection to the Change in Control Transaction and annual meeting advance notice for proposals to be included in proxy materials. It has given a notice for a special meeting of shareholders on Monday, August 25th, 2008. Among the proposals to be voted on are: Amend its Amended and Restated Articles of Incorporation dated November 15, 2006, as further amended to date (collectively referred to herein as the "Articles"), to change the name of the Company to "Arcland Energy Corporation"; Amend its Articles changing the number of shares of Company common stock, par value $0.001 per share, into which each share of our Series A Preferred Stock may be converted from ten (10) to sixteen (16) shares; and permit the Company to take action by the written consent of fewer than all of the shareholders entitled to vote with respect to the subject matter of the action as provided for in Utah Revised Corporation Act Section 16-10a-704. In conjunction with the proxy statement, the Company, as of July the 30th, has filed a Current Report on Form 8K, which discloses details of the replacement of its Amended and Restated Bylaws. Important Additional Information regarding the Reverse Merger, proxy statements and other documents filed with or furnished to the SEC at the SEC's website at http://www.sec.gov.

Following the events mentioned above, Pilgrim will announce and declare a buyout program in which Arcland Energy's shares will be distributed to Pilgrim's stockholders of record. The declaration date and ratio of the distribution will be announced during the end of August 2008.

As these corporate actions occur, Pilgrim, American Petroleum Corporation and Lariat Energy Corporation will maintain and keep providing their operating services for the Texas assets, while continuing their acquisition plan for oil and gas fields with upside potential.

About Pilgrim Petroleum Corporation.

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