SOURCE: Pilgrim Petroleum Corporation

May 12, 2008 07:45 ET

Pilgrim Petroleum Announces Projected EPS for 2008

DALLAS, TX--(Marketwire - May 12, 2008) - Pilgrim Petroleum Corporation (PINKSHEETS: PGPM) (FRANKFURT: PHV) announced today the company's year 2008 projected EPS (Net Earnings / Outstanding Shares) $50,000,000/844,236,923 of 0.06. Based on this EPS multiplied by a sustainable growth rate of 25% and multiplied by the average industry P/E ratio of 20.96 (Reuters), Pilgrim's intrinsic value or estimated stock value should be $0.3103.

Pilgrim Petroleum's prime properties are mainly located in the North West Texas, owning approximately 12,000 acre properties, which hosts resources with a best estimate P50 (*) of 4 millions of barrels of oil equivalent, definitions according to "Petroleum Classification and Definitions" (2000) published in draft by the Society of Petroleum Engineers (SPE) and World Petroleum Congress. The already on-going next phase is to strategize with its Partners and alliances for new drilling activities in its leasehold position for further categorization of reserves, including development and production status (proved, probable and possible).

Pilgrim Petroleum management is currently focused on developing multiple horizons with hydrocarbon potential and is proud to communicate that the company's combined assets are now producing in an upward trend and new acquisitions for further hydrocarbon development under consideration.

Rafael Pinedo, President of Pilgrim Petroleum Corporation, commented, "Triple digit oil prices and current market conditions make new ventures an open opportunity to develop our assets with great levels of profitability. Management is implementing streamlining operations activities as well as targeting new acquisitions and Joint Ventures."(*) When evaluating resources in particular contingent and prospective resources, Resources P50: Considered to be the best estimate of the quantity that will actually be recovered from the accumulation.(Source: Petroleum Society of CIM. Definitions of Oil and Gas Resources and Reserves)

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 interest's 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.

Contact Information