Pilgrim Petroleum to Acquire Additional Production and Acreage in Palo Duro Basin
January 04 2008 - 9:21AM
Marketwired
IRVING, TX (FRANKFURT: PHV), an independent oil and gas
exploration and production company, announced it has signed a
Letter of Intent to acquire a 70% working interest in 8000 acres on
Wilbarger County in Texas. This property has a history of great
production and significant reserves. The Palo Duro Basin is located
in the Texas Panhandle district and is bound on the north by the
Amarillo-Wichita Uplift in Oklahoma, to the south by the Matador
Arch-Permian Basin in West Texas. The Palo Duro Basin prospect,
which is currently being evaluated for further development, has
been compared to the Barnett Shale discovery. Barnett Shale is
estimated to contain some 30 trillion cubic feet of natural gas.
Management believes Palo Duro could prove to be one of the largest
natural gas deposits in North America.
Rafael Pinedo, Pilgrim Petroleum CEO-President, said, "A big
step for Pilgrim recognizing how difficult it is to find a good
property with the current oil prices, we will focus on large-scale
oil and gas projects with significant resource potential and
continue to acquire properties and bring our wells on line
throughout 2008 in order to increase our residual revenue."
Currently, Pilgrim Petroleum has modest levels of production from
this area. In addition, the board of the directors is currently
reviewing additional dividend options for holders of common stock
and new additions to management.
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 primarily 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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Contact: Investor Relations Eddie Monet 619 864-0166 Visit our
website at: www.apetroleum.com
Pilgrim Petroleum (CE) (USOTC:PGPM)
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