SOURCE: Pilgrim Petroleum Corporation

September 18, 2008 11:56 ET

Pilgrim Petroleum Announces Update to Shareholders, Dividend and Buyback Exchange and Operations Update

DALLAS, TX--(Marketwire - September 18, 2008) - Pilgrim Petroleum Corporation (PINKSHEETS: PGPM) (FRANKFURT: PHV) announces due diligence of the dividend and buyback exchange has finalized and calculations for the dividend and shareholder buyback has been approved; However, SEC filings, corporate actions required in Arcland Energy are required before a final announcement to Pilgrim shareholders, we will release this information within the next few days.

With great positive outlook, Pilgrim's management expects Q3 results to maintain its overall growth pace due to the increase on field services income and share production in operating cost. Additionally, the Pilgrim business development team has increased with great results and new business opportunities.

About Pilgrim Petroleum Corporation.

Headquartered in Dallas, Texas, Pilgrim Petroleum Corporation is a publicly traded company (PINKSHEETS: PGPM), (FRANKFURT: PHV). Pilgrim Petroleum Corporation is an independent oil and gas company based in Dallas, Texas. 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 redevelop each property to maximize the income from each property 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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