Pilgrim Petroleum Corporation Reports Second Quarter 2008 Results

* Reuters is not responsible for the content in this press release.

Thu Jul 31, 2008 1:15pm EDT 

  DALLAS, TX, Jul 31 (MARKET WIRE) -- 
Pilgrim Petroleum Corporation (PINKSHEETS: PGPM) (FRANKFURT: PHV) is
pleased to announce its financial results for its six months ended June
30, 2008. Pilgrim's Net Revenues for the year totaled $64,453 compared
with $42,255 during second quarter last year, an increase of 53%. On the
other hand, operating expenses reported an increase of 100% approximately
from $64,164 to $144,043 compared to last year's results. The increase in
operating expenses was primarily due to the increase in administrative
and operational costs and infrastructure.

    Pilgrim's detailed financial statements can be viewed at
http://www.bpetroleum.com and will be also available at
http://www.pinksheets.com.

    About Pilgrim Petroleum Corporation:

    Pilgrim Petroleum Corporation (PINKSHEETS: PGPM) (FRANKFURT: PHV) is an
independent oil and gas company based in Dallas, Texas. The company is
acquiring oil and gas leases, producing properties, mineral rights, and
surface interests primary on marginal fields. Once acquired, the company
intends to redevelop each property to maximize the income from each
property 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
risks and 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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