SOURCE: Pilgrim Petroleum Corporation

August 10, 2007 09:55 ET

Pilgrim Petroleum Announces Progress Update in Operations

DALLAS, TX--(Marketwire - August 10, 2007) - Pilgrim Petroleum Corporation (PINKSHEETS: PGPM) (FRANKFURT: PHV), an independent oil and gas company, announced today will provide additional field services on approximately 10 to 30 wells on four of our more important leases: Malloy, Morgan, Lockrige, and Douglas. This will create further revenue income, in addition to increasing our proven reserves in a short amount of time. The company additionally announced positive outlook on results of the gas lift system installation to further enhance recovery, extend the life of depleting wells and improve the economics of the company's marginal well development.

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 existent 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.

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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