Pilgrim's President Year-End Report Touts Production Increase

With great positive outlook, Pilgrim Petroleum's management expects Q1 results to maintain its overall growth pace of at least 10% in production after completion of two additional re-activated wells during the fourth quarter 2007. Additionally, the board of the directors is currently reviewing different dividend options for holders of common stock to be payable at the end Q2 of this year.

Rafael Pinedo, President and CEO of Pilgrim Petroleum Corporation, commented, "Pilgrim's Operations is confident it will keep increasing production on a monthly basis, while it continues its exploration and production plan."