Pilgrim Petroleum Announces Record Income for Quarter and Increase of Potential Oil Reserves
Monday May 1, 10:43 am ET
IRVING, Texas--(BUSINESS WIRE)--May 1, 2006--Pilgrim Petroleum Corporation (Pink Sheets
http://onlinetradersforum.com/styles...foro/clear.pngGPM - News), an independent oil and gas company, announced today its plans of steadily working on increasing production in its current portfolio of leases on American Petroleum Corporation & General Energy Corp both subsidiaries and operators of Pilgrim.
Based on a 12,000-acre portfolio of proven undeveloped fields in the area of Archer and Wichita County, Texas, Pilgrim Petroleum estimates very high volumes of recoverable reserves. If the whole estimated subsurface is taken into consideration when calculating the potential of recoverable oil, the estimation reveals an approximate of 900 million barrels of recoverable oil.
PGPM - sweet
(Total reserves based on 12,000 productive acres
12,000 acres x 500 feet x 150 barrels per acre foot =
900 million barrels of recoverable oil)
The net effects for the valuation of Pilgrim's stock with this potential recovery can be calculated as follows:
At US$60 per barrel for proven reserves and a portfolio that generates 900 million barrels of oil, Pilgrim Petroleum can be valued conservatively at 900 million barrels x 20% net revenue interest to Pilgrim Petroleum x US$60 per barrel = $10.08 billion less $100 million net development cost = $US10.07 billion in potential assets if fully developed. Pilgrim common stock could be worth approximately: $US10.07 billion divided by 322,720,011 common shares = $33.15 per share.
WOW...I checked Yahoo and it was at .062. I thne checked my Scottrade and it was at .13. So much for a 20 minute delay.
Go baby!
I'm now waiting for my free ride notification but I'll take my profit. Not going to lose money anymore just because ST cries.