Pilgrim Petroleum Estimates Revenue up 28.5%

Pilgrim Petroleum says that the company's third quarter outlook has exceeded expectations. A positive estimate revision showed that Pilgrim's revenue is to increase by more than 28.5% from the last quarter. The company's financial results will be released no later than October 15th, 2006. Since the beginning of the year, Pilgrim Petroleum has showed incremental developments in operations, financial performance and corporate strategy.

Rafael Pinedo, President of Pilgrim Petroleum Corporation, commented, "Pilgrim Petroleum will continue to outperform estimates. We are committed to meet our objectives and achieve high performance by developing and building up distinctive capabilities that will enhance the company's value, creation and find further opportunities for business growth."

Headquartered in Irving, Texas, Pilgrim Petroleum Corporation (PINK SHEETS: PGPM) is a publicly traded, independent oil and gas company. The company is acquiring oil and gas leases, producing properties, mineral rights, and surface interests primary on marginal fields. Once acquired, the company intends to redevelop each property to maximize the income from each property by refurbishing and improving the existing production.