Pilgrim Petroleum

Pilgrim Petroleum Corporation Signs Master Operating Agreement with General Energy Corporation


IRVING, TEXAS--(BUSINESS WIRE)--Aug. 28, 2006--

Pilgrim Petroleum Corporation, an independent oil and gas company, announced today that it has entered into a master operating agreement with General Energy Corporation from Dallas, Texas. The agreement covers Pilgrim Petroleum's additional and current leases and all future properties in Wichita, Clay, Archer, Jack, Cook and Montague counties of North Texas.

General Energy will begin immediately to perform all the necessary work to assure that Pilgrim Petroleum's properties are in full compliance with the regulations of the Texas Railroad Commission and re-establish oil production on the inactive leases over the coming months. General Energy will work in conjunction with American Petroleum, Pilgrim Petroleum's current operator. General Energy Corporation is an RRC of Texas fully bonded operator.

Pilgrim Petroleum Corporation President, Rafael Pinedo, said, "We are aggressively continuing our Reactivation Program and very soon will begin a drilling program leveraging all resources available to enhance recovery and further improve Pilgrim's production."

About Pilgrim Petroleum Corporation: Headquartered in Irving, Texas, Pilgrim Petroleum Corporation is a publicly traded independent oil and gas company (Pink Sheets:PGPM). The company is acquiring oil and gas leases, producing properties, mineral rights, and surface interests in Texas. Once acquired, the company intends to develop each property to maximize the income from each property by re-establishing production, refurbishing and improving the existing production and operations.

Pilgrim Petroleum Announces Update in Operations


IRVING, Texas--(BUSINESS WIRE)--Aug. 31, 2006--

Pilgrim Petroleum Corporation, (Pink Sheets:PGPM) announces that the company has achieved a new record in production for the month of August, an increase of over 15% from the previous month with an additional eight re-activated wells in line. This constant increase in production leads Pilgrim to anticipate exponentially better results for the next coming month. Furthermore, new acquisitions talks and negotiations are in progress, while the evaluation of the company's properties is completed. Gustavson Associates informed that the report could be expected by next week, with the final and formal report expected by the week of September 11th. This delay is due to the last acquisition. Lastly, the addition of General Energy Corporation as operator, and the potential value of new exploration participation in Quebeq Canada are two additional highlights.

Pilgrim Petroleum Corporation Vice President of Operations Jeffrey Fanning said, "The Reactivation Program has undoubtedly boosted the company's production levels and we will continue to re-activate the remaining properties, while Pilgrim further grows its asset portfolio."

About Pilgrim Petroleum Corporation

Headquartered in Irving, Texas, Pilgrim Petroleum Corporation is a publicly traded company (Pink Sheets:PGPM). 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.