SOURCE: Pilgrim Petroleum Corporation

August 28, 2007 10:23 ET

Pilgrim Petroleum Updates the Investment Community in All-News Interview With

DALLAS, TX--(Marketwire - August 28, 2007) - Rafael Pinedo, CEO, Pilgrim Petroleum (PINKSHEETS: PGPM) (FRANKFURT: PHV), today announced an interview with the investment community with Eddie Monet, Managing Director of American Capital Investment LLC for; highlights include detailed discussions on the following topics:

What is unique about Pilgrim that defines and differentiates the company? Gives us an update?

PGPM: The company already has two-and-a-half years to reach; in a single snapshot, you can see what we are doing in terms of performance. The stock performed very well in 2006. Many investors got involved with Pilgrim. I believe the company is undervalued. The major assets, especially the reserve report, are not part of our financial statement. It will be eventually the biggest asset the company has. Even if you place a USD$50 million to USD$55 million in the net present value, you will feel our stock is undervalued for more than 50% of what it is trading. We believe it is over 80%. There are other variables that could affect that -- one of them is the fact that we are part of the Pink Sheets, in a non-reporting capacity. However, although we report financials, we are not on a fully reporting capacity under Section 34 in the SEC. That prevents us from getting access to the biggest hedge funds and institutional investors available in the market, if any. Once that step is done, we feel that demand will be high; any increase in demand will bring the stock price up.

In closing, tell us some of the key things investors should consider when looking at Pilgrim Petroleum?

PGPM: Investors are very aware of what we are doing. We have a good way to present the company on our website. We've been placing most of the information we just discussed on the Website. Investors are concerned about the prospects, Pilgrim becoming a fully reporting company; they are a little concerned about supply and demand. We are still small, compared with any other company with the same levels of growth, but we are moving forward in our exploration phase. We are happy with that, and we believe it will bring many surprises for both the shareholders and the investor community in general.

About Pilgrim Petroleum Corporation

Headquartered in Irving, 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.

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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