Pilgrim Petroleum Announces President Year-End Report and Operation Update

DALLAS, TX (FRANKFURT: PHV) is pleased to announce the company will post the President year-end report 2007. With great positive outlook, Pilgrim's management expects Q1 results to maintain its overall growth pace of at least 10% in production after completion of two additional re-activated wells during the fourth quarter 2007. Additionally, the board of the directors is currently reviewing different dividend options for holders of common stock to be payable at the end Q2 of this year.

Rafael Pinedo, President and CEO of Pilgrim Petroleum Corporation, commented, "Pilgrim's Operations is confident it will keep increasing production on a monthly basis, while it continues its exploration and production plan."

About Pilgrim Petroleum Corporation

Headquartered in Dallas, 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 interests 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

Pilgrim Petroleum (CE) (USOTC:PGPM)
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