Message #33 From:
Jason Date: November 17, 2007 08:36:49 PM
Pilgrim Petroleum Reports EPS of $.01 and New P/E Ratio
Pilgrim Petroleum Corporation (PINKSHEETS: PGPM)
(FRANKFURT: PHV) is pleased to announce Pilgrim's nine months ended
September 30, 2007 financial results maintain management's positive
expectations. Since the fiscal year ending December 31, 2006, the Company
has kept steady revenues and has maintained its earnings-per-share (EPS) of
$.01. P/E Ratio is situated at $0.8 with the average of the stock price of
$0.0081. The company estimates adding at least 25% growth for the end of
the year 2007 earnings as well as an improved asset portfolio. Next week,
the company will release a corporate update to shareholders, giving
additional details of its latest acquisitions.
Pilgrim Petroleum Corporation's CEO, Rafael Pinedo said: "Our Management
believes in the company's incremental and steady growth potential. Although
crude prices have been dramatically increasing, our revenues and reserves
may set a record this year. Pilgrim is now focused on higher profitability,
long-term sustainability and increasing proven reserves."
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.
