Pilgrim Petroleum Corporation Announces Update to Shareholders, Dividend and buyback exchange
Management also announces it has entered into an agreement with a public company for the acquisition of Pilgrim's leasehold portfolio including our Oklahoma subsidiary. Due diligence of the transaction, including completion of the audit of financials, will be scheduled within 30 to 45 days to achieve a successful negotiation of a material definitive acquisition agreement. Under the terms of the Agreement, Pilgrim and its subsidiaries associates will be compensated with a combination of shares and convertible promissory notes, a transaction that will represent a controlling interest in the new company. Disclosure of the Reverse Acquisition will be announced as soon as it becomes available and SEC 8K is file accordantly. Additionally, Pilgrim Petroleum Board of directors and Preferred Shareholders are scheduled to meet on September 15th, 2017 to discuss and approve a dividend distribution to our common stock holders along with a buyback shares exchange. The declaration date, the ratio of the distribution, and buyback exchange will be announced after completion of the transaction.
Most recently, the Depository Trust Company (DTC) has removed the global lock imposed on CUSIP, dated on June 30th, 2017, and again active in the DTCC Database.
Samuel C Smith, President and CEO of Pilgrim Petroleum Corporation, commented, "Our entire team is excited and extremely pleased to finally achieve this new chapter 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-