Pilgrim Petroleum Announces Boost Oil Production and Progress Update in Operations for Q1 2008
25 Februar 2008 - 4:55PM
Marketwired
DALLAS, TX (FRANKFURT: PHV) announces its oil production levels
increased by an average of approximately 15% over the last two
months, after completion of four additional re-activated wells.
The company estimated these additional wells would increase
production by approximately 10-12 bpd per well, adding at least 5%
more to the portfolio, or 1,500 barrels per month, upon full
completion. In addition, the company will apply for drilling
authorization from RRC of Texas in Wichita and Archer County, and
we will complete well designs and procurement for two well program
in 2008; Lock#2, Lock#4. Pilgrim will complete on July 2008, a
design for extensive 9 wells on the same area.
* Commenced construction of new road and new drill site location for Archer
county properties.
* Contract 3D seismic survey to identify potential reservoir objectives on
the basis of seismic attributes.
Pilgrim Petroleum Vice President of Operations, Jerry Schilling,
said, "Pilgrim's Reactivation Program has shown significant
progress since its implementation. This year, operations will
continue to bring back more inactive wells into production and
optimize our existent oil & gas production through reduced
production cost, improved production rates and increased ultimate
recovery."
About Pilgrim Petroleum Corporation
Headquartered in Irving, Texas, Pilgrim Petroleum Corporation is
a publicly traded company (PINKSHEETS: 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.
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: Eddie Monet 619-864-0166 www.apetroleum.com
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