PILGRIM PETROLEUM COM STK USD1 (OTCMKTS:PGPM)
PILGRIM PETROLEUM COM STK USD1 (OTCMKTS:PGPM) is based in Addison, TX. The company is an oil and gas development company with producing crude oil and gas properties located in the USA. The company’s management has extensive oil and gas industry experience as well as experience in the capital markets. Today the company announced that they will be filing initial Information Disclosure as Q1 2017 operations and proceed with reorganization plans including filing of all disclosures required by OTC Markets, FINRA and SEC. This also will include an additional investment to enable retiring all or nearly all the current liabilities of the company.
PILGRIM PETROLEUM COM STK USD1 (OTCMKTS:PGPM) has a plan. The company wants to increase their existing oil and gas production by exploiting new fields to their maximum potential through the use of technology. The company plans to utilize 3-D, seismic, and aeromagnetic surveying to expose untapped reservoirs. They intend to focus on assets that are capable of providing shareholders with sustainable growth through cashflow generated by the properties.
PILGRIM PETROLEUM COM STK USD1 (OTCMKTS:PGPM) has 100 wells in the Texas counties of Archer, Wichita, and Wilbarger – all located in the Northwest part of the state. Pilgrim is not only investigating the acquisition of other properties in this area, but is also providing professional services to smaller oil and gas exploration companies.
Their Electra Rework Prospect is located in Wichita and Wilbarger counties. PILGRIM PETROLEUM COM STK USD1 (OTCMKTS:PGPM) has a plan to rework and drill 50 wells on these properties – beginning with the most shallow formations so as to reduce expenses and increase daily production totals. In addition, other recovery methods will be used such as the injection of heated and pressurized Carbon Dioxide and Nitrogen gases, as well as chemically treated saltwater.
In Archer county PILGRIM PETROLEUM COM STK USD1 (OTCMKTS:PGPM) owns the City National Bank Discovery Well Prospect. Pilgrim’s plan calls for a 5,000 foot well to, hopefully, access two geologic formations – the Caddo and Ellenberger formations. The company believes that there are multiple targets of opportunity between 1,000 and 5,000 feet.
I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 96 hours. All information, or data, is provided with no guarantees of accuracy.
About the author: James Marion is a University of Houston student studying Business with a concentration in Finance