Pilgrim Petroleum Closes Private Placement

Pilgrim Petroleum Corporation

Pilgrim Petroleum Corp. has agreed to sell 11 million shares of its common stock to Energy Source Private Equities Fund from Toronto, Canada and TJ Management Group with offices in Texas, New York, California, at an average 10 cents per share for a total of $500,000. Both companies are Institutional Investors on the Energy sector, which is a positive opportunity for Pilgrim Petroleum to qualify additional large Investment Institutions once it begins fully reporting.

Rafael Pinedo, Pilgrim Petroleum president and CEO said, "Great value and confidence bring Institutional Investors to any public corporation, we are pleased to have these groups on board."

Pilgrim Petroleum Corp. is a publicly traded, 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.