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American BNP Petroleum Corporation Announces Change of Name to
Pilgrim Petroleum Corporation (PGPM)
IRVING, Texas, June 30 /PRNewswire-FirstCall/ -- BNP Petroleum Corporation
(OTC Pink Sheets: BPET), a result of our early acquisition of American
Petroleum Corporation, our Texas operator with a variety of technology products
and services, announced today that it has finalized a merger buy-out
acquisition and its name change to Pilgrim Petroleum Corporation effective
immediately. The Company's new trading symbol is PGPM, also effective July 1st
2005 at market open.
Pilgrim Petroleum Director Rafael Pinedo clarified today a name conflict
between "BNP Petroleum, our Delaware Corporation, and BNP Petroleum, based in
Houston, Texas" and also clarified no relationship or any knowledge of
"radioactive drill bits"; our focus is re-establishing oil production on
Pilgrim Petroleum's leases over the coming months and aggressively acquiring
high quality leases with marginal production and implementing new recovery
techniques.
About Pilgrim Petroleum Corporation: Headquartered in Irving, Texas, Pilgrim
Petroleum Corporation is a publicly traded independent oil and gas company. The
company is acquiring marginal oil and gas leases, producing properties, mineral
rights, and surface interests in Texas. Once acquired, the company intends to
develop each property to maximize the income from each property by
re-establishing production, refurbishing and improving the existing production
and operations.
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,"
"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.
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. Pilgrim Petroleum Corporation. P: 214-687-0000 ext 240 Eric
Harris
DATASOURCE: BNP Petroleum Corporation
CONTACT: investor relations, Edward Monet of Tribe Investment Partners,
Inc., +1-888-309-5220, ext. 83, for BNP Petroleum Corporation
Web site: http://www.bpetroleum.com/