Pilgrim Petroleum Secures Notes, Joins Drilling Venture

Pilgrim Petroleum Corporation has called all financial notes due to Pilgrim Petroleum from Arcland Energy for the previous sale of Lariat Energy and American Petroleum for a sum totaling $10 million.

In addition, Pilgrim has announced its first joint venture partnership focusing on the drilling of a discovery well in Northwest Texas. Pilgrim will retain approximately 30% ownership and will act as the Managing Venturer for the project. Finally, workover developments have been ongoing to include lease due diligence and engineering studies as well as business development with our nitrogen injection technology. These efforts are being lead by the company's Chief Technology Officer, Dan Foster.