Pilgrim Petroleum Corporation Announce Progress Update and Forecast Operations Q2 2017
The company is pleased to announce today since receiving a ten-day trading suspension from the Securities and Exchange Commission (SEC) no further communication or inquiries have been presented, Pilgrim Petroleum Management has completed correspondence including specific documentation via our legal counsel to the SEC and DTCC for the Global Lock release via (Restriction Response).
Because of the SEC trading suspension, the audit initiated prior to the suspension requires a few changes prior to its completion. Pilgrim is still on target for completion in the next couple weeks.
Lastly, Pilgrim has started an initiative to revitalize the Company and stock value as soon as possible by executing an LOI for a reverse acquisition with another public company. This amalgamation would occur over two phases including a compliance and filing phase followed by a formal execution and ultimately corporate actions. These initiatives are designed to enhance the efficiency of the organizational structure, including new ventures and acquisitions, necessary to improve the Company's production levels, reservoirs, and cost-effectiveness. The company has set a goal of having field services to work in additional 5 wells by Mid-August 2017.
Samuel C Smith, President and CEO of Pilgrim Petroleum Corporation, commented, "We'll continue to bring inactive wells into production optimizing our oil & gas production through greater production rates, reduced costs, and improved recovery techniques."
Legal Notice Regarding Forward-Looking Statements:
This press release contains forward-looking information within the meaning of section 27A of the Securities Act of 1933 and section 21E of the Securities Exchange Act of 1934 and is subject to the safe harbor created by those sections. About Pilgrim Petroleum Corporation. Headquartered in Addison, Texas, Pilgrim Petroleum Corporation is a publicly traded company (PGPM). Pilgrim Petroleum Corporation is an independent oil and gas company. The company is acquiring oil and gas leases, producing properties, mineral rights, and surface interests. Once acquired, the company intends to develop each property to maximize the income from each property by refurbishing and improving the existing production. Forward Looking Statements: 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. Factors that could cause the company's actual results to differ materially from those expressed or implied by forward-looking statements include, but are not limited to: The success of the company's exploration and development efforts; the price of oil, gas and other produced gasses and liquids; the worldwide economic situation; changes in interest rates or inflation; the ability of the company to transport gas, oil and other products; the ability of the company to raise additional capital, as it may be affected by current conditions in the stock market and competition in the oil and gas industry for risk capital; the company's capital costs, which may be affected by delays or cost overruns; cost of production; environmental and other regulations, as the same presently exist or may later be amended and the company's ability to identify, finance and integrate any future acquisitions. You are urged to carefully review and consider the cautionary statements and other disclosures. Forward-