Pilgrim Petroleum Announces Re-Alignment of Its Corporate Strategy

Pilgrim Petroleum Announces Re-Alignment of Its Corporate Strategy

Tuesday, August 26th 2008

Pilgrim Petroleum Corporation, announces an internal re-alignment and reorganization of its business as a result of the latest transaction event with Implantable Vision Ltd. Pilgrim Petroleum Corporation will redirect its Corporate Strategy by exclusively focusing on its Oilfield Service Operations. This consolidation on Pilgrim’s activities will provide and stabilize a leaner corporation, easier to streamline operations to improve cost controls and focus on revenue generation. These are the key elements of Pilgrim’s ongoing productivity initiative. Pilgrim is also expected to generate significant operating efficiencies and accelerate the delivery of strategic technologies to the marketplace. As the company moves forward, it plans to improve its competitive position within the Oilfield Service Industry among independent oil and gas companies on domestic onshore basins of West Texas and Mid Continent regions, looking into a more extended service with more powerful capabilities to ensure high quality of service, safety, security and environment.

Pilgrim together with its subsidiary American Petroleum Corporation will expand its customer portfolio and continue its corporate strategy to provide customers with all of the products and services they need before, during and after drilling operations.

Rafael Pinedo, President and CEO of Pilgrim Petroleum Corporation, commented, “The reorganization represents the next step in our process to re-position Pilgrim for continued success in today’s Energy Industry. We have defined our longer-term strategy and areas of focus; now we are aligning our organization and leadership to execute our business plan.”

Headquartered in Dallas, Texas, Pilgrim Petroleum Corporation is a publicly traded company (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.

Share this post