Pilgrim Petroleum Corporation Announce Update to Shareholders
Message from the CEO of Pilgrim Petroleum:
Let me start with an introduction, I'm Samuel C. Smith and I've spent the last 20 years in i-banking, private equity, and M&A. I stepped into the CEO role on Friday, June 30th, 2017, this was part of the plan and strategy announced in Press Release on April 27, 2017, and more specifically the value that I bring to Pilgrim Petroleum. There was no personal need for me to take the role as CEO for Pilgrim. I have invested my own money and assets to the company to bring value to our shareholders. Pilgrim is simply requiring direction and an unapologetic hand to step forward with confidence in the decision-making process.
Pilgrim will focus its financial resources on the assets on-hand in the "Re-work" category. These assets include existing wells in inventory with various levels of work required to bring to production. We will have some exceptional opportunities to apply our M&A and operational expertise to acquire and operate quality assets at low prices. As we have done in the past, our focus on reserve value creation and asset divestiture to other entities who will pay premiums for reliable and optimized production, such as Master Limited Partnerships (MLPs). Simultaneous to the re-work endeavor, we are in process to complete our audit financials and pursuing an S-1 Registration with the Securities and Exchange Commission.
Samuel C. Smith
Q & A for the CEO:
-Is there a possibility of a merger with the former parent company?
-Could you explain the $500K MOU that was a part of your coming onboard?
A: I think you refer a 500 acres MOU? The purpose of the MOU was to Acquire Working Interest and minerals owned by the operator in the state of Oklahoma.
-Is a Reverse Merger with London General Management (LGM) a possibility?
A: No, this a Non-E&P company; the UK company is privately-owned, mineral acquisition and management company pursuing a partnership or leasing opportunities with exploration and production companies.
-Is a new IPO for LGM possible with a Share Ratio such as 1:30 for PGPM Shareholders a possibility?
-Is it possible that PGPM could run production for LGM properties in The Woodford Shale in North Dakota?
A: We are NOT an operator or service company.
-What was the main reason the SEC suspended PGPM? And after the suspension what's the plan of the company?
A: the main reasons have been indicated by the SEC, we are responding accordantly each one of the inquiries. The red flag was the spike on the stock in a short period of time, the volume traded, and other fundamentals out of place.
-Going forward, where do you see the Company in 6 months based on the plans stated in previous shareholder communications for 2017?
A: we believe that within 6 months we will be working towards closing the year with positive EBITA.
-The SEC specifically mentions the capital raise (FORM D). Was 3 million ever raised? Does the company currently have those funds available?
A: The commitments for the capital are in place, the due diligence still in process, but primarily subject to the audit financials completion.
- What, if any, contact do you currently have with the SEC? Many here are claiming that the suspension proves that fraud has already occurred.
A: Stock Markets induces investors to make purchase or sale decisions on the basis of information, every one of our disclosures has been accurate, disclosed as required by the OTC Markets Group. The stock spike on the price in a very short time, the volumes contribute to a big suspicion of a potential stock manipulation.
- The share adjustment from roughly 1.1 billion to 2 billion was a huge red flag for many. It seems to be that there were common shares that Pinedo owned from back in 2012 and he sold them over the past few months.
A: We can assure you that based on the certify shareholders list provided by the TA, that Mr. Pinedo or related companies do not have common stock since 2005, he decided a long time ago to only keep preferred voting's shares (non-tradeable)
- Suspension by the SEC has basically been a death sentence for OTC stocks. Have you hired a securities attorney to help with the SEC? Is the auditor able to help the company get back on an exchange that uses Market Makers?
- What verifiable assets does the company currently have? I appreciate your time and still am hoping for the best here.
A: The Verification of Financials and assets will be presented at once when the audit is completed, we are not going to make any representations other than a compilation of our financials already disclosed at this time; the audit will provide an independent opinion to the shareholders on the going concerns and fairness of the financial statements this will include adjustments on the balance sheet, non-financial disclosures, changes on a company's assets, liabilities opinions, etc.
Pilgrim Petroleum can give no assurance that such expectations will prove to be correct. All forward-looking statements should be evaluated with the understanding of their inherent uncertainty. You are urged to carefully review and consider the cautionary statements and other disclosures.