SOURCE: Pilgrim Petroleum Corporation

December 19, 2007 10:00 ET

Pilgrim Petroleum Reports Forecast Production for 4Q 2007

DALLAS, TX--(Marketwire - December 19, 2007) - Pilgrim Petroleum Corporation (PINKSHEETS: PGPM) (FRANKFURT: PHV) announced today that its production rate has increased compared to last quarter as a result of its re-working and re-activation program on Climax, Hooks and Mulloy leases. They have contributed to incremental improvements in production rates and logistics, thus Pilgrim's management expects 4Q results to maintain its overall growth pace production levels.

After completion of four additional re-activated wells during the third quarter 2007 and four additional wells completed by the end of September, total production of oil is expected to increase approximately 20% over 3Q-2007. Additionally the company stated that based on the steady increase of oil production from its recently acquired Mulloy Estate Lease located in Palo Duro natural gas resource basin in North Texas, Wilbarger County, Pilgrim will plan a reactivation scheduling to increase further production levels in that area.

Rafael Pinedo, President and CEO of Pilgrim Petroleum Corporation, commented, "Pilgrim Petroleum is steadily realigning its corporate objectives, keeping focus on higher financial and operational performance goals and enhanced shareholder value."

About Pilgrim Petroleum Corporation.

Pilgrim Petroleum Corporation (PINKSHEETS: PGPM) (FRANKFURT: PHV) is an independent oil and gas company based in Irving, 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.

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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