SOURCE: Pilgrim Petroleum Corporation

June 19, 2008 11:39 ET

Pilgrim Petroleum Announces Progress Update, Forecast Results for Q2 and New Appointment

IRVING, TX--(Marketwire - June 19, 2008) - Pilgrim Petroleum Corporation (PINKSHEETS: PGPM) (FRANKFURT: PHV) is pleased to announce the company will report results for the second quarter ended June 30, 2008 in the third week of July. With great positive outlook, Pilgrim's management expects Q2 results to maintain its overall growth pace of at least 10% in production. After completion of two additional re-activated wells during the first quarter 2008. The company has set a goal of having field services to work in additional 5 wells by the end of July. In addition the board of the directors is currently reviewing different dividend options for holders of common stock. Also, the company approved Mr. Randy Berry as manager of field services and acting Vice president of operations. Mr. Berry is a veteran with over twenty-five years of field services experience; he has been with the company four years. Lastly, Pilgrim will put in motion a series of initiatives to revitalize the Company and stock value. These initiatives, designed to enhance the efficiency of the organizational structure including new joint ventures, mergers and acquisitions, will support a better-disciplined business development process, increase operating margins and improve the Company's production levels, reservoirs and cost-effectiveness.

Rafael Pinedo, President and CEO of Pilgrim Petroleum Corporation, commented, "With great people and equipment, Pilgrim's operations will continue to bring back more inactive wells into production and optimize our existing oil & gas production through increased production rates, reduced costs, and improved recovery techniques."

About Pilgrim Petroleum Corporation

Headquartered in Irving, 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.

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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