Pilgrim Appoints Veteran Oil Executive As E & P Consultant

Pilgrim Petroleum Corporation announced the appointment of Calvin Smith as E & P Consultant and Equity analyst of the Company. Mr. Smith brings over 32 years of experience in Production Reserve Growth, Discount to net asset value (NAV) -- among others. He has served as Vice President of DMR Capital, a private equity fund company, for 10 years.

Under his leadership, consolidated ownership and increased shareholder value on a few small and mid cap public companies particularly companies on the same current stage of Pilgrim Petroleum. In related news, we are appointing a Geologist consultant. His particular expertise in land title and acquisition will be beneficial to consolidate other productive fields in the Palo Pinto Basin of Texas and near to our current properties as an inexpensive way of new acquisitions. Lastly, the board of the directors is currently reviewing different dividend options for holders of common stock to be payable at the end Q2 of this year.

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