“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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