Pilgrim Petroleum and General Energys Strategic Alliance

Pilgrim Petroleum and General Energys Strategic Alliance

Pilgrim Petroleum (PGPM) comments on General Energy Corporation and its alliance with Huizhou Engineering Co. Ltd and SEWAN Ltd to develop and manufacture land and offshore workover rig equipment and portable trailer drilling rigs. The Alliance named GHS Energy will have access and general presence in Canada and China for oilfield services. General Energy will have access to high quality rigs and low cost technical resources expertise. Pilgrim Petroleum has not and will not make any type of payment to make this happen. The parties involved on the new alliance have come together in a mutual interest to cooperate and openly share strategic position on the oilfield services market.

Pilgrim Petroleum Corporation’s Chief Executive Officer, Rafael Pinedo said: “GHS Energy will contribute with Pilgrim Petroleum to develop exploration and production opportunities in Canada and Asia.” He also added: “By leading this new alliance, I will make sure, Pilgrim Petroleum and its affiliate’s strong competitive advantage and bring additional revenues.”

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