Pilgrim Petroleum Reports EPS $0.06 for Fiscal 2007

Pilgrim Petroleum Corporation reports EPS for its Fiscal 2007. Pilgrim's Net Income for the twelve months ended December 31, 2007 was $33,725,949, resulting in (EPS) earnings per share of $0.06 for the entire year. Pilgrim's recent activities related to acquisitions, farm-outs and well reactivation program have contributed to the optimization of the company's EPS and improvement of its overall value. Pilgrim's reactivation plan has successfully put back online 35 wells. By optimizing production and increasing operational efficiency, Pilgrim will continue to generate a consistent rate of return for its shareholders. The company expects to continue this trend by keeping overhead low while expanding capital deployment over more well interests.

Rafael Pinedo, President and CEO of Pilgrim Petroleum Corporation, commented, "We are making progress with our ongoing initiatives to improve operation activities and Pilgrim's value. Given our operating progress to date, we are confident that EPS will increase progressively for fiscal 2008."