Pilgrim Announces $1.5 Million Stock Repurchase Plan

Pilgrim Petroleum Corporation said that its board of directors has approved, effective immediately, a repurchase plan to buy up to $1.5 million of its common stock.

Pilgrim shares may be repurchased from time to time in the open market through negotiated block trades or otherwise at the company's discretion, based on ongoing assessments of capital needs of the business, the market price of its stock, general market conditions and other factors. These repurchases may be commenced or suspended at any time, or from time to time, without prior notice. No time limit has been set for the completion of the repurchase program. The shares repurchased will become treasury shares, and may be used later for general corporate purposes.

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