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Pilgrim Petroleum Announces Fourth Quarter and End of Year 2005 Results

Posted on: Monday, 23 January 2006, 15:00 CST

Pilgrim Petroleum Corporation (OTCBB:PGPM), an independent oil and gas company, announced today posting of the financial statements for fourth quarter and end of the year 2005. Results include: earned over double on net income on a proforma after-tax basis, and after dividends for the quarter ended Dec 31, 2005, on revenues of over 60% from last year; however it does not include our recent production income and our new proven reserves report for 2005.

Stephen Richardson, Pilgrim Petroleum Vice-President said, "Combined with our excellent results for 2005, improved quarterly results are a strong indication that the current management team's business plan is working and that we are continuing to build a very valuable company."

About Pilgrim Petroleum Corporation

Pilgrim Petroleum Corporation (OTCBB:PGPM) 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.

(C) 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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