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 SheetsGPM - 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.