Pilgrim Petroleum Announces Projections on Q1 Financial Results 2008
2008年4月1日 - 4:33AM
Marketwired
DALLAS, TX (FRANKFURT: PHV) is pleased to announce the company
will release its financial results for its first quarter 2008 in
two weeks. The oil production performance shows a significant
additional increase of 45% compared to first quarter 2007 due to
the additional re-activated wells in its main leases Climax, Lilly
Hooks and Mulloy Estate. After management's review of operations
for the twelve months ending December 31, 2007, and current first
quarter 2008, the Company expects to increase its revenues by more
than double this year. Installation of gas lift systems to further
enhance recovery on the company's marginal well development and the
completion of its well design and procurement for two well programs
in 2008 -- Lock#2 and Lock#4 will considerably boost Pilgrim's
monthly production.
Pilgrim Petroleum Corporation's Chief Executive Officer, Rafael
Pinedo, said: "Pilgrim is committed to keep its growth targets and
continuous development of its properties. Pilgrim's management is
currently focusing on identifying new projects opportunities, while
more inactive wells are back into production with optimized
production rates. We are very pleased with the coming outcome."
About Pilgrim Petroleum Corporation
Headquartered in Dallas, Texas, Pilgrim Petroleum Corporation is
a publicly traded company (PINKSHEETS: PGPM) (FRANKFURT: PHV). 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 develop each property to
maximize the income from each 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: Eddie Monet 619-864-0166 www.apetroleum.com
Pilgrim Petroleum (CE) (USOTC:PGPM)
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