PILGRIM PETROLEUM COM STK USD1 (OTCMKTS:PGPM)
PILGRIM PETROLEUM COM STK USD1 (OTCMKTS:PGPM) has confirmed, after initiating strategic and corporate changes, plans to enter the exploration and production business. The oil and gas exploration development company is also planning to acquire a number of producing assets as well as improve cost of production as part of the latest business plan.
Pilgrim Petroleum Plans
The transitional period that has seen the recovery oil prices make presents, according to the Board of Directors, exceptional growth opportunities. Pursuing mergers and acquisitions remains a core objective as one of the ways of acquiring quality cash generating assets that will grow shareholder value.
“As we have done in the past, our focus on reserve value creation and asset divestiture to other entities who will pay premiums for reliable and optimized production, such as Master Limited Partnerships (MLPs),” said PILGRIM PETROLEUM COM STK USD1 (OTCMKTS:PGPM) in a press release.
The filing of a shareholder alert comes as a surprise given that Pilgrim Petroleum has been silent both in the market and on shareholder briefings for the better part of the year. Late last year the oil and gas exploration company confirmed the completion of a majority stake in Bakken Eagle Ford and Woodford shale assets. The assets included 210,000 acres for production.
PILGRIM PETROLEUM COM STK USD1 (OTCMKTS:PGPM) Financial Report
The last time when Pilgrim PILGRIM PETROLEUM COM STK USD1 (OTCMKTS:PGPM) reported financial results was on December 31, 2016, when it stated it had cash and cash equivalents of $1,425. Total assets at the time amounted to $ 48,199,021 with total liabilities of $7,127,493. The company was yet to book any revenues and gross profit as of the end of the 12 months ended December 31, 2016.
Expenses for the three months and 12 months ended December 31, 2016, totaled 4,287 and $8,226. Net Income for the three months and 12 months totaled $287,844 and $1,197,008 respectively.
PILGRIM PETROLEUM COM STK USD1 (OTCMKTS:PGPM) is an oil and gas exploration and development company. The company says it focuses on proven fields already exploited by independent companies as a way of extracting reserves at much lower risk and lower cost.
Just as it has been the case for the better part of the year, PILGRIM PETROLEUM COM STK USD1 (OTCMKTS:PGPM) stock was unchanged in Tuesday trading session. The stock close the day at $0.00760 a share.
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About the author: Mario grew up in Phoenix, AZ and attended college on a fencing scholarship. After college he went to work for a nationally recognized investment analysis website located in Chicago. For extra money, Mario writes, using a pseudonym, about nano-cap companies with high-growth potentials.