SOURCE: Pilgrim Petroleum Corporation

December 11, 2007 11:38 ET

Pilgrim Petroleum Announces Stock Dividend and Operations Update

DALLAS, TX--(Marketwire - December 11, 2007) - Pilgrim Petroleum Corporation (PINKSHEETS: PGPM) (FRANKFURT: PHV), an independent oil and gas company, announces and confirms that its 25% stock dividend will be applicable to shareholders of record as of December 12th, 2007 and distributed ("Pay Date") on December 28th, 2007.

Stockholders' brokerage accounts will be electronically credited with these Stock Dividend shares on the "Pay Date." Stockholders will only be eligible to receive this 25% Stock Dividend, if they are stockholders on or before the "Record Date" December 12th, 2007. Please contact your stockbroker regarding the EX-date. Fractional shares will be rounded up to the next whole share. Payment of the dividend will not require an increase in the total number of the Company's authorized shares of common stock. No exchange of certificates is required.

The company also announced that it has planned and scheduled additional workovers in its Waggoner W.T. lease. Pilgrim Petroleum Corporation Vice President of Operations Jerry Schilling said, "The Company's production levels have shown significant increase for this quarter. As we work on our existing asset portfolio, Pilgrim is also targeting new horizons and further developments."

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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