Pilgrim Petroleum Reports EPS $0.06 for Fiscal 2007

IRVING, TX (FRANKFURT: PHV) reports EPS for its Fiscal 2007. Pilgrim's Net Income for the twelve months ended December 31, 2007 was $33,725,949, resulting in (EPS) earnings per share of $0.06 for the entire year. Pilgrim's recent activities related to acquisitions, farm-outs and well reactivation program have contributed to the optimization of the company's EPS and improvement of its overall value. Pilgrim's reactivation plan has successfully put back online 35 wells. By optimizing production and increasing operational efficiency, Pilgrim will continue to generate a consistent rate of return for its shareholders. The company expects to continue this trend by keeping overhead low while expanding capital deployment over more well interests. Additionally, President and CEO, Rafael Pinedo, issued a letter to shareholders today, providing an update on the company's progress available at www.bpetroleum.com.

Rafael Pinedo, President and CEO of Pilgrim Petroleum Corporation, commented, "We are making progress with our ongoing initiatives to improve operation activities and Pilgrim's value. Given our operating progress to date, we are confident that EPS will increase progressively for fiscal 2008."

About Pilgrim Petroleum Corporation

Headquartered in Irving, Texas, Pilgrim Petroleum Corporation is a publicly traded company (PINKSHEETS: PGPM) (FRANKFURT: PHV). The company is acquiring oil and gas leases, producing properties, mineral rights and surface interest's primary on marginal fields. Once acquired, the company intends to develop each property to maximize the income from each by refurbishing and improving the existing production.

Forward-Looking Statements: The statements which are not historical facts contained in this release are forward-looking statements that involve risks and uncertainties, including but not limited to, the effect of economic conditions, the impact of competition, the results of financing efforts, changes in consumers' preferences and trends. The words "estimate," "possible," and "seeking" and similar expressions identify forward-looking statements, which speak only to the date the statement was made. The Company undertakes no obligation to publicly update or revise any forward-looking statements, because of new information, future events, or otherwise. Future events and actual results may differ materially from those set forth herein, contemplated by, or underlying the forward looking statements.

2008 Pilgrim Petroleum Corporation. The information herein is subject to change without notice. Pilgrim Petroleum Corporation shall not be liable for technical or editorial errors or omissions contained herein.

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CONTACT: Pilgrim Petroleum Corporation Eddie Monet 619-864-0166 www.apetroleum.com

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