Pilgrim Petroleum to Become Fully Reporting Company

Pilgrim Petroleum Corporation (PINKSHEETS: PGPM) (FRANKFURT: PHV) is pleased to announce preparations of a 10-SB SEC filing in order to become a fully reporting issuer under the Securities Exchange Act of 1934, as amended. This filing, once cleared, will also allow the company to eventually apply with the NASD for listing on the OTCBB and it will allow market makers to display proprietary quotations to create more liquid, efficient and competitive secondary trading with decreased volatility. This will be clearly beneficial for Pilgrim and investors.

Q3 2007 started with a comprehensive business review, in which Pilgrim will put in motion a series of initiatives to revitalize the Company. These initiatives, designed to enhance the efficiency of the organizational structure, will support a better-disciplined business development process, increase operating margins and improve the Company's production levels and cost-effectiveness. Its Financial Statements are available at http://www.pinksheets.com/quote/finance.jsp?symbol=PGPM or its website: www.bpetroleum.com.

Rafael Pinedo, President and CEO of Pilgrim Petroleum, commented: "By becoming a 'fully reporting' company and up-listing to the OTCBB, Pilgrim will become much more trustworthy in the financial markets and it will increase investor confidence as a result of our commitment. Pilgrim is prepared to formally take these steps. Once listed in the bulletin board, the company will be exposed to a broader base of investors and sophisticated financial institutions."

The company, which currently has a book value per share of $0.10 based on 344,520,012 shares outstanding, is ready to continue its acquisition plan to add more properties with proven reserves to its asset portfolio. This is one of the series of initiatives the company will set in motion to revitalize its oil and gas production levels and revenues.

About Pilgrim Petroleum Corporation.

Pilgrim Petroleum Corporation (PINKSHEETS: PGPM) (FRANKFURT: PHV) is an independent oil and gas company based in Irving, Texas. 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 redevelop each property to maximize the income from each property 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.

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.

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