DALLAS, TX--(MARKET WIRE)--Mar 31, 2008 -- Pilgrim Petroleum Corporation (Other OTC:PGPM.PK - News) (Frankfurt:PHV.F - News) is pleased to announce the company will release its financial results for its first quarter 2008 in two weeks. The oil production performance shows a significant additional increase of 45% compared to first quarter 2007 due to the additional re-activated wells in its main leases Climax, Lilly Hooks and Mulloy Estate. After management's review of operations for the twelve months ending December 31, 2007, and current first quarter 2008, the Company expects to increase its revenues by more than double this year. Installation of gas lift systems to further enhance recovery on the company's marginal well development and the completion of its well design and procurement for two well programs in 2008 -- Lock#2 and Lock#4 will considerably boost Pilgrim's monthly production.

Pilgrim Petroleum Corporation's Chief Executive Officer, Rafael Pinedo, said: "Pilgrim is committed to keep its growth targets and continuous development of its properties. Pilgrim's management is currently focusing on identifying new projects opportunities, while more inactive wells are back into production with optimized production rates. We are very pleased with the coming outcome."

About Pilgrim Petroleum Corporation

Headquartered in Dallas, Texas, Pilgrim Petroleum Corporation is a publicly traded company (Other OTC:PGPM.PK - News) (Frankfurt:PHV.F - News). 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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     Eddie Monet
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