Pilgrim Petroleum to Acquire Well Service Provider

Pilgrim Petroleum is in negotiations to acquire a Well Service Provider located in Saginaw, Texas. This company provides an assortment of well site services in the North West Texas area. Its operating asset base includes well servicing rigs, tools, as well as other drilling service equipment. A final agreement will be completed by the end of this week.

Stephen Richardson, Pilgrim Petroleum Vice-President said, "With this acquisition, we will bring significantly more production in a short period of time, as well as saving expenses on the outsourcing of these services. We will continue to acquire value assets in order to increase our residual revenue."

Pilgrim Petroleum Corporation is an independent oil and gas company based in Irving, Texas. 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.