Pilgrim Petroleum Report on Economic and Potential Recoverable Assessment in Archer and Wichita County Interests

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Tue May 20, 2008 1:00pm EDT 

  DALLAS, TX, May 20 (MARKET WIRE) -- 
 Pilgrim Petroleum Corporation (PINKSHEETS: PGPM) (FRANKFURT: PHV) is pleased
to announce that the company's Assessment on its interests in Archer and
Wichita Counties Texas, prepared by Gustavson Associates, can be found at
http://www.bpetroleum.com.  The report has an effective date of September
15, 2006, and evaluates Pilgrim Petroleum acreage located on the Bend Arch-Fort
Worth Basin Province, Texas.

    The report was prepared using assumptions and methodology guidelines
outlined in the
Canadian Oil and Gas Evaluation Handbook ("COGE Handbook") and in accordance
with
National Instrument 51-101 ("NI 51-101"). Additionally, Gustavson Associates
conducted a scoping economic analysis of the Prospect using the "Best
Estimate" for both an oil and gas future net revenues (before deductions of
income taxes).

    Specifically, the report provides the following highlights:


Low Estimate            996 MBbl         3.98 BCF
Best Estimate         1,832 MBbl         7.32 BCF
High Estimate         2,676 MBbl        10.70 BCF

    
ECONOMIC EVALUATION

    Pilgrim also requested Gustavson Associates to complete economic runs with
the
estimated prospective resources and similar production profiles. This study
will show estimate development schedules for Pilgrim's acreage and generate a
forecast of future net revenues and discounted cash flow.

    The following estimates are based on the best estimate of the prospective
hydrocarbon
resources. The initial net prices, for the purpose of the analysis are:
$59.95 per barrel for the oil case and $4.97 per MCF for the gas case and
include deductions for estimated future well abandonment
costs.


      Best Estimate Net                  Best Estimate Net Present
      Revenue Before Income Tax          Value of Future Net Revenues
                                         (at 10% discount rate)
      $102,370,000                       $52,050,000

    
Pilgrim Petroleum President and CEO Rafael Pinedo said, "Pilgrim has
strategically waited to develop its asset portfolio together with its venture
partners to fully take advantage of its lease position. The projected figure
is just an estimation based on previous Geologic studies of the area together
with conservative oil price range.  With Triple digit oil prices and current
market conditions, a great level of profitability undermines the risk associated
to oil
and gas exploration/drilling. As we approach second quarter, we will
communicate more on Drilling Plans for this year.  We are very excited about
the opportunities we have ahead."

    The report is available for review on the Company's website.

    About Pilgrim Petroleum Corporation

    Headquartered in Dallas, Texas, Pilgrim Petroleum Corporation is a
publiclytraded company (PINKSHEETS: PGPM) (FRANKFURT: PHV). The company is
acquiringoil and gas leases, producing properties, mineral rights and surface
interest's
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.

    Forward-Looking Statements: The statements which are not historical facts
contained in this release are forward-looking statements that involve
risksand uncertainties, including but not limited to, the effect of economic
conditions, the impact of competition, the results of financing efforts, changes
in consumers' preferences and trends. The words "estimate," "possible," and
"seeking"
and similar expressions identify forward-looking statements, which speak only to
the date
the statement was made. The Company undertakes no obligation to publicly
update or revise any forward-looking statements, because of new information,
future events, or otherwise. Future events and actual results may differ
materially from those set forth herein, contemplated by, or underlying the
forward looking statements.

    2008 Pilgrim Petroleum Corporation. The information herein is subject to
change without notice. Pilgrim Petroleum Corporation shall not be liable for
technical or editorial errors or omissions contained herein.

    

CONTACT:
Pilgrim Petroleum Corporation
Eddie Monet
619-864-0166
www.apetroleum.com

Copyright 2008, Market Wire, All rights reserved.

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