Pilgrim Petroleum Corporation Announces Progress Update and Operations Q2 2017
Among the top priorities for Pilgrim Petroleum as stated by CEO Sam Smith "…establishing a basic level of production and creating a complete trading venue for our shareholders."
The SEC has shared no further correspondence, and Pilgrim has been taking steps including, as mentioned in a previous press release, workover on several wells and beginning nominal production in the last past weeks. It is the company's intention to continue taking these small steps in anticipation of the audit completion. The audit has taken an extended time due to the fact it was initiated prior to the trading suspension, and has required various adjustments due to the inclusion of new assets, reverse acquisition strategy and end of the Q2 2017 operations. While it has taken some time, management believes with the completion of this item, the company will see an accelerated pace taking steps forward.
Pilgrim's revitalization strategy is taking shape with the inclusion of M&A activity among a couple target companies and is currently in the compliance and filing phase, and will be followed immediately by the formal execution and ultimately corporate actions phases. 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.
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-
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