Addison, Texas , June 29, 2017 (GLOBE NEWSWIRE) -- Pilgrim Petroleum Corporation (PGPM), an oil and gas exploration development (E&D) company focus in proven fields exploited by well managed independent oil companies extracting reserves at lower risk and lower cost than unproved prospects. Our parent is Pilgrim Petroleum PLC, a private company (E&P), focus in domestic and international areas where major oil and gas producing companies have reduced their exploration efforts in search of larger reserves.
Management is pleased to announce a resignation, restructure and new appointments as the company moves into the next phase of development and production. Effective immediately the board has accepted the resignation of Rafael A Pinedo as Chairman, President and Director; his leadership and efforts as the active majority shareholder played a critical role in the development and success of the organization restructuring and recruitment of a suitable management team to grow the company. He has agreed to partner lease acquisition and participation agreement with the privately held company London General Management Ltd (formerly Pilgrim Petroleum PLC). The shareholder and board of directors have approved appointing Samuel Carl Smith as Chairman of the Board of Directors and CEO, and Malik Hussain as Vice-President business development and operations.
The team combine more than 50 years of oil industry experience more than 35 years of operational and managerial experience in oil and gas exploration, development, and acquisitions. These appointments represent significance in bringing additional Oil and Gas corporate expertise and oversight of the continuance of the current operations.
Mr Smith has also served on the Boards of various financial institutions. His wealth of experience and knowledge in upstream operations, management, and regulatory compliance will serve a key function in supporting Pilgrim’s business.
Management is working with our accountant and legal counsel, to confirm a retirement of shares from ex-employees and consultants, thereafter the process is completed, the repurchase plan of shares will start, based on market conditions, no time set, no minimums or maximus amounts are set at this time.
Memorandum of Understanding (MOU) for the acquisition of approximately 500 acres of Working Interest and Mineral Interest of non-producing properties owning by the operator in the State of Oklahoma located on the Woodford Basin of Oklahoma, as well as the Central Basin Platform and the Northeast Region of the state representing relatively shallow depths. The target acquisition says it will transfer its technical knowledge of the area which has been largely dominated by private exploration and production companies, many of which are backed by leading private equity, a final acquisition agreement will be executed on the next few days. More details on the operational plans will be forthcoming shortly.
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-looking statements speak only as of the date of the document in which they are contained, and Pilgrim Petroleum does not undertake any duty to update any forward-looking statements except as may be required by law. 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. 2017 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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