SOURCE: Pilgrim Petroleum Corporation

July 17, 2008 10:00 ET

Pilgrim Petroleum Announces Corporate Update to Shareholders

DALLAS, TX--(Marketwire - July 17, 2008) - Pilgrim Petroleum Corporation (PINKSHEETS: PGPM) (FRANKFURT: PHV), an independent oil and gas company, is pleased to announce that it has entered into material definitive acquisition Agreement with Implantable Vision Inc. for the acquisition of Pilgrim's leasehold portfolio.

Under the terms of the Agreement; Pilgrim, American Petroleum Corporation and Lariat Energy Corporation, immediately prior to the closing, officers and directors of Implantable Vision delivered written resignations and are to be effective upon the expiration of the 10-day period following the filing and delivery of an Information Statement required by SEC Rule 14f-1 and 20-day period for 14C which will include change of name, etc. Detailed Disclosure of the Acquisition has been announced, available at Implantable Vision's 8K, SEC filings.

Furthermore, Pilgrim Petroleum's Board of Directors has approved a dividend distribution to our common stock holders. As several shareholders have contacted the Company regarding this matter, the declaration date and ratio of the distribution will be announced during the mid August 2008.

Rafael Pinedo, President of Pilgrim Petroleum Corporation, commented, "Resumption of our business on the OTC Bulletin Board represents an important milestone for the Company's true book value and its shareholders. As we move forward, we will continue to improve our revenue levels, enhance our Leasehold portfolio and build solid operational foundation for our continuing growth."

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 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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