Stephen Richardson, Pilgrim Petroleum Vice-President, said, "Each acquisition builds our natural energy reserve base. We will continue to acquire properties and bring our wells on line throughout 2006 in order to increase our residual revenue."
Headquartered in Irving, Texas, Pilgrim Petroleum Corporation is a publicly traded company. 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.
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