DALLAS, TX--(MARKET WIRE)--Oct 23, 2008 -- Pilgrim Petroleum Corporation (Other OTC:PGPM.PK - News) (Frankfurt:PHV.F - News), an independent oil and gas company, announces and confirms a dividend-in-kind distribution to its common stockholders of record on October 28th, 2008 of shares of Arcland Energy Corporation ("Arcland") Common Stock. The event will be applicable to shareholders of record on October 28th, 2008 and distributed ("Pay Date") on November 4th, 2008.

Stockholders' brokerage accounts will be electronically credited with these Stock Dividend shares on the "Pay Date." Stockholders will only be eligible to receive this in-kind dividend if they are stockholders on or before the "Record Date" October 28th, 2008. Please contact your stockbroker regarding the EX-date. Fractional shares will be rounded up to the next whole share.

After the event, a buyback exchange will take place for Pilgrim's shareholders. Pilgrim shareholders will be entitled to 1 share of Arcland for every 1,711 shares of Pilgrim. This event will reduce Pilgrim's common shares outstanding to more than 70% and will increase the value of Pilgrim's shareholder portfolio for more than 90%.

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.

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