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Pilgrim Petroleum Completes Acquisition of Daniels Well Service

Posted on: Friday, 9 June 2006, 12:00 CDT

Pilgrim Petroleum Corporation (Pink Sheets:PGPM), an independent oil and gas company, announced today it has closed on its previously announced acquisition of Daniels Well Service, located in Saginaw and Olney, Texas. This company provides an assortment of well site services in the North West Texas area. Its operating asset base includes well servicing rigs, tools, as well as other drilling service equipment. The combined effort of our contractors and the Daniels acquisition allows us to provide more effective coverage to our properties. Year-over-year growth reflects the strong demand for well services as historically high oil and gas prices caused well owners to try to keep every oil and gas well in production.

Rafael Pinedo, President and CEO, said, "Daniels is the type of asset we find most attractive for our company as we move our exploration and redevelopment to different areas in Texas."

About Pilgrim Petroleum Corporation

Pilgrim Petroleum Corporation 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 in Texas. Once acquired, the company intends to develop 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.

2006 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.

Source: Business Wire

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