Pilgrim Petroleum Briefs on Tx. Operations

Pilgrim Petroleum continues to engage investors for both re-work and discovery well projects in Archer and Wichita Counties, Texas. Pilgrim is also in negotiations with investment banking advisors concerning capital acquisition through equity and/or hydrocarbon interests and the negotiation of capitalization instruments from interested investment parties as well as the negotiation of convertible notes soon to be payable to the company from an oil and gas exploration company. Pilgrim is also actively seeking and negotiating additional producing property acquisitions in both Texas RRC Districts 9 and 7b.

The Company is in the process of moving its headquarters to a larger location as well as the overhaul of point of contact sources such as investor relations and the company's website. Lastly, changes in management will be occurring to include the retirement of Rafael Pinedo, Chairman of the company, from the board of directors.