SOURCE: Pilgrim Petroleum Corporation

March 14, 2008 11:35 ET

Pilgrim Petroleum Announces Update in Operations for Q1 2008

DALLAS, TX--(Marketwire - March 14, 2008) - Pilgrim Petroleum Corporation (PINKSHEETS: PGPM) (FRANKFURT: PHV) announces increased production of an average of approximately 10% over the last month, after rework of two additional re-activated wells. In addition it has begun the process of interviewing qualified geology and engineer firms for its additional reserve evaluation estimates; the additional work is for the new properties unaccounted from the last reserve report. Pilgrim continues to complete the design for extensive 9 wells on the Archer County area for July 2008.

Pilgrim Petroleum Corporation Vice President of Operations Jerry Schilling said, "Pilgrim's Reactivation Program has shown significant progress since its implementation; operations will continue to bring back more inactive wells into production and optimize our existent oil & gas production through reduced production cost, improved production rates and increased ultimate recovery."

About Pilgrim Petroleum Corporation

Headquartered in Dallas, Texas, Pilgrim Petroleum Corporation is a publicly traded company (PGPM). 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.

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