Pilgrim Petroleum’s most valuable properties are located in the northwestern region of Texas, where they own approximately 12,000 acre properties. The properties host resources with an estimated P50 (*) of 4 millions of barrels of oil equivalent, these estimates come from “Petroleum Classification and Definitions” (2000) published in draft by the Society of Petroleum Engineers (SPE) and the World Petroleum Congress.
The company is currently in a new phase which lays down a strategy with their partners and alliances for new drilling activities in their leasehold position for further categorization of reserves. The management team is focused on developing multiple phases with hydrocarbon potential and is pleased to communicate that the company’s combined assets are now creating an exciting trend and that new acquisitions for further hydrocarbon development are under consideration.
Rafael Pinedo, President of Pilgrim Petroleum, said, “Triple digit oil prices and current market conditions make new ventures an open opportunity to develop our assets with great levels of profitability. Management is implementing streamlining operations activities as well as targeting new acquisitions and joint ventures.”
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