Pilgrim Petroleum Announces Projected EPS for 2008
May 12 2008 - 7:45AM
Marketwired
DALLAS, TX (FRANKFURT: PHV) announced today the company's year
2008 projected EPS (Net Earnings / Outstanding Shares)
$50,000,000/844,236,923 of 0.06. Based on this EPS multiplied by a
sustainable growth rate of 25% and multiplied by the average
industry P/E ratio of 20.96 (Reuters), Pilgrim's intrinsic value or
estimated stock value should be $0.3103.
Pilgrim Petroleum's prime properties are mainly located in the
North West Texas, owning approximately 12,000 acre properties,
which hosts resources with a best estimate P50 (*) of 4 millions of
barrels of oil equivalent, definitions according to "Petroleum
Classification and Definitions" (2000) published in draft by the
Society of Petroleum Engineers (SPE) and World Petroleum Congress.
The already on-going next phase is to strategize with its Partners
and alliances for new drilling activities in its leasehold position
for further categorization of reserves, including development and
production status (proved, probable and possible).
Pilgrim Petroleum management is currently focused on developing
multiple horizons with hydrocarbon potential and is proud to
communicate that the company's combined assets are now producing in
an upward trend and new acquisitions for further hydrocarbon
development under consideration.
Rafael Pinedo, President of Pilgrim Petroleum Corporation,
commented, "Triple digit oil prices and current market conditions
make new ventures an open opportunity to develop our assets with
great levels of profitability. Management is implementing
streamlining operations activities as well as targeting new
acquisitions and Joint Ventures."(*) When evaluating resources in
particular contingent and prospective resources, Resources P50:
Considered to be the best estimate of the quantity that will
actually be recovered from the accumulation.(Source: Petroleum
Society of CIM. Definitions of Oil and Gas Resources and
Reserves)
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 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
Pilgrim Petroleum (CE) (USOTC:PGPM)
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