PGPM Pilgrim Petroleum Corporation (CE)

Pilgrim Petroleum Corporation (PINK SHEETS: PGPM), an independent oil and gas company, is pleased to announce it has retained Gustavson Associates, LLC, a Colorado-based engineering firm to assist in the assessment of prospective opportunities on Pilgrim�s latest acquisitions, as the Company set in motion an aggressive campaign to source and identify new projects to develop. Gustavson Associates, LLC, is a global consulting firm consisting of geologists, geophysicists, engineers, land and contracts managers as well as economists and financial experts on all aspects of natural resource evaluations. Gustavson�s work ranges from the first steps of prospecting to design and assessment of production facilities. The firm has performed consulting services to companies such as Vista Gold Corp. (AMEX: VGZ), Radial Energy (OTCBB: RENG), Bema Gold Corporation (TOR: BGO) and Galaxy Energy (AMEX: GAX), among others. Pilgrim Petroleum Corporation President Rafael Pinedo said, "We are excited to continue working with Gustavson Associates, LLC. With over 25 years experience serving the domestic and international resource evaluation, we are confident that our exploration team will benefit greatly from working with consultants at Gustavson." The company is working towards initiating more specific exploration as soon as targets are clearly defined. About Pilgrim Petroleum Corporation Headquartered in Dallas, 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. Forward-Looking Statement 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. (C) 2007 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.