DALLAS, TX--(MARKET WIRE)--Aug 26, 2008 -- Pilgrim Petroleum Corporation (Other OTC:PGPM.PK - News) (Frankfurt:PHV.F - News), 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."

About Pilgrim Petroleum Corporation

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.

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.

     CONTACT:
     Pilgrim Petroleum Corporation
     Eddie Monet
     619-864-0166
     http://www.apetroleum.com