Pilgrim Petroleum Reports 2007 Record Profitability and Performance
2008年2月1日 - 12:56AM
Marketwired
IRVING, TX (FRANKFURT: PHV) is pleased to announce its financial
results for the fiscal year ended December 31, 2007. Exceeding
expectations, Pilgrim's Net Revenues for the year totaled $410,096
as compared with $1,471,507 in 2006, a decrease of 72% compared
with 2006 as a result of debenture of properties last year. Net
Income, on the other hand, was $33,725,949 compared with $516,814
last year, demonstrating an escalating increase year after year. On
profitability and efficiency measures, Pilgrim proved to stand
above average, showing a return on equity (ROE) of 94% and an ROA
of 80% for the year ended December 31, 2006. On its financial
leverage side, Pilgrim kept debt ratio at its minimum, reflecting
just 15% while debt-to-equity ratio showed only 17%. Additionally,
the company declared a 25% stock dividend to the holders of record
as December 12, 2007. Additional developments worth mentioning are
the board of the directors will be approving additional dividend
options for holders of common stock and new additions to
management.
Rafael Pinedo, President and CEO of Pilgrim Petroleum
Corporation, commented, "2007 results definitely exceeded our
expectations. Management strongly believes that Pilgrim Petroleum
is a young, fast growing company with great potential. Every year
Pilgrim commits to incremental improvements and with this strong
start, Pilgrim will continue its growth strategy and development of
its properties for the new fiscal year."
About Pilgrim Petroleum Corporation.
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.
2008 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.
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CONTACT: Pilgrim Petroleum Corporation Eddie Monet 619-864-0166
www.apetroleum.com
Pilgrim Petroleum (CE) (USOTC:PGPM)
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