Pilgrim Petroleum to Re-Develop Electra, Texas Area Properties, Updates Pink Sheet Status

DALLAS, April 13 /PRNewswire-FirstCall/ -- "Pilgrim Petroleum Corporation (Pink Sheets: PGPM) (FWB: PHV.F), an independent oil and gas company based in Dallas Texas, has begun the development of a re-work package to include shallow oil leases in the Electra Texas Area.  Pilgrim is actively pursuing the acquisition of new mineral acreage as well the re-working of 3 other area properties currently in Pilgrim's property portfolio.  The well targets in the Electra, Texas area represent excellent candidates for cyclic pressure maintenance regiments.  Pilgrim feels that a dramatic increase in production can be realized through injection of Nitrogen and Carbon Dioxide inert gas into shallow reservoir formations prolific in the area.

Pilgrim Petroleum Corporation has also begun the process of updating all information with OTC markets to remove cautionary signs on Pilgrim's stock listings to include the updating of financial information on the company.  Pilgrim is also seeking candidates for Public Relations and Website development to help with investor relations and awareness for the Company's stock.

About Pilgrim Petroleum Corporation

Headquartered in Dallas, Texas, Pilgrim Petroleum Corporation is a publicly traded company (OTC: PGPM.PK) (Frankfurt: PHV.F). The company is acquiring oil and gas leases, producing properties, mineral rights and surface interests primarily on marginal fields, 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.

2010 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. For more information see our website at www.bpetroleum.com or contact our IR Fax number at 972-381-0401.

Contact:
Matt O'Bryant
Pilgrim Petroleum Corporation
972-381-0400
[e-mail]

SOURCE Pilgrim Petroleum Corporation

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