The Pilgrim Petroleum Corporation, an Addison-based oil and gas development company, recently made an exciting announcement about the future of their company.
The company will be filing initial information disclosure for their first quarter of 2017 operations and are planning on proceeding with reorganization plans including filing of all disclosures required by OTC Markets, FINRA and SEC. They also plan to include an additional investment to enable retiring all or nearly all the current liabilities of the company.
“This reorganization and additional investment continues the strong belief in and commitment in the company and assets,” stated a recent press release.
Please note that the press release the company wrote contains forward-looking information within the meaning of section 27A of the Securities Act of 1933 and section 21E of the Securities Exchange Act of 1934 and is subject to the safe harbor created by those section.
Pilgrim Petroleum Corporation is a local independent oil and gas exploration and development company. The company holds crude oil and natural gas reserves with the majority of acreage in shallow formation fields for low cost exploration, drilling and production. In the future, the company plans to increase oil and gas production by reworking existing new fields, focusing on maximum development of existing fields in core areas, increasing their probable and proven reserve estimates through acquisitions and development of new properties, utilizing innovative technologies to enhance production and using modern technologies to reveal untapped reservoirs.
The company is also focused on supporting their employees by helping them develop skills and encouraging them to reach their potential in a supportive and diverse workplace. In addition, Pilgrim Petroleum believes in protecting the environment, which they do by assessing the potential impacts of their activities in any new area to avoid any impact when possible. Finally, the company believes in contributing to local communities. They develop long-term partnerships with local communities and work with them to develop sustainable economic, social and environmental initiatives.