Pilgrim Petroleum Corp (OTC:PGPM) is an oil and gas exploration and development (E&D) company that was formed in an attempt to acquire, develop, and operate oil and gas properties with proven reserves in the United States. The company is currently focused in proven fields, which are currently being exploited by well-managed independent oil companies extracting reserves at lower risk and lower cost than unproved prospects. Additionally Pilgrim Petroleum provides services to third party operators and partners in the areas of Consulting, Development, Aviation Services, and Enhanced Oil Recovery. Pilgrim Petroleum Corporation’s parent is Pilgrim Petroleum PLC, which is a privately-held company, focused primarily in domestic and international areas, in which major oil and gas producing companies have reduced their exploration efforts in search of larger reserves.
Now, there are some potential developments in the company. PILGRIM PETROLEUM COM STK USD1 (OTCMKTS:PGPM) is looking to potentially increase its current oil and gas production by reworking existing new fields. That in mind, the company has already recently identified immediate zones for completion based on strong log data. The company is looking to focus on maximum development of existing fields in core areas, increase its probable and proven reserve estimates through acquisitions and developments of new properties. According to the company, it’s looking to “utilize innovative, cost-effective technologies such as pressure maintenance to enhance production as well as use modern technologies such as 3-D seismic and aeromagnetic surveying to reveal untapped reservoirs.”
In addition, Pilgrim Petroleum Corporation seeks to create an exploration-led and sustainable cash generative oil and gas business, potentially providing PGPM shareholders with exposure to material capital growth potential. Pilgrim Petroleum is also aiming to potentially create, add and realise value within a self funding business. To do so, the company would either either use its balance sheet cash or operating cash flow to fund exploration. Now, the company is focused primarily on identifying assets that are capable of providing significant and sustainable growth, capturing as high an equity position as possible in frontier areas, using our strong technical and commercial expertise and working with our partners to take our assets from discovery to development safely.
Now, the company’s current projects include: Northwest Texas Leasehold, Electra Rework Package, and City National Bank Discovery Well Package.
According to PGPM, “Pilgrim has acquired approximately 100 wells in Archer, Wichita and Wilbarger Counties, Northwest Texas, most of which had been shut-in in 2001 when the Railroad Commission of Texas changed the requirements for bonding operators in Texas. This has resulted in an exceptional program. Currently, Pilgrim Petroleum is concentrating its efforts in acquiring more prospects around the area and providing Industry services to small and medium E&P companies.” That said, PGPM’s projects could potentially be promising, which could help the company drive its revenues and earnings.
The company recently announced that it would be filing initial Information Disclosure as the first quarter of 2017 operations and the company proceed with reorganization plans including filing of all disclosures required by the Securities and Exchange Commission (SEC), FINRA and the OTC Markets.