Pilgrim to Acquire Acreage in Clay County, Texas

Pilgrim Petroleum Corp. announced Wednesday that it has acquired approximately 15,700 total acres in Clay County, Texas, near the Barnett Shale. According to the company, the area surrounding the property has a history of “great production.” Some seismic data is available with this acquisition, which will facilitate a reserve report. This acquisition is expected to close within 7-14 days.

“Each acquisition builds our natural energy reserve base,” said Rafael Pinedo, Pilgrim’s CEO and president. “We will continue to acquire properties to increase our asset value. More wells will be online throughout 2006 in order to increase our residual revenue.”

Headquartered in Irving and Dallas, Texas, Pilgrim Petroleum Corp. is a publicly traded company that 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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