SOURCE: Pilgrim Petroleum Corporation

September 13, 2007 09:49 ET

Pilgrim Petroleum Announces Progress Update, Forecast Results for Q3 and New Appointments

DALLAS, TX--(Marketwire - September 13, 2007) - Pilgrim Petroleum Corporation (PINKSHEETS: PGPM) (FRANKFURT: PHV) is pleased to announce the company will report results for the third quarter ended September 30, 2007 in the second week of October. With great positive outlook, Pilgrim's management expects 3Q results to maintain its overall growth pace of at least 10% in production. After completion of four additional re-activated wells during the third quarter 2007, total production of oil rose 40% over 1Q-2007. The company has set a goal of having field services to work in additional 4 wells by the end of September. Additionally, the company announces steady increase in oil production from its recently acquired Mulloy Estate Lease located in Palo Duro natural gas resource basin in North Texas, Wilbarger County. In addition the board of the directors is currently reviewing different dividend options for holders of common stock to be payable at the end of the year. Also, approved Mr. Jerry Schilling as manager of field services and acting Vice president of operations.

Rafael Pinedo, President and CEO of Pilgrim Petroleum Corporation, commented, "Pilgrim's Operations is confident it will keep increasing production on a monthly basis, while it continues its preparation and due diligence to moving up to the OTC Bulletin Board."

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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