Pilgrim Petroleum Corporation provided earnings guidance for the year 2008. For the year, the company´s projected EPS of 0.06.

Pilgrim Petroleum Corporation reported earnings results for the first quarter ended March 31, 2008. Exceeding expectations, Pilgrim´s Net Revenues for the year totaled $74,555 as compared with $110,190 in 2007 a decrease of 48%. The decrease in Revenue was primarily due to the fact that the Company has lower working interest in most of its operated oil and gas properties. However, the Company´s main focus has become maximizing Project and Lease New Acquisitions, while receiving royalty and interest income as a result of reworked wells on the Company´s properties.

Pilgrim Petroleum Corporation reported earnings results for the year ended December 31, 2007. For the period, the company reported net revenues of $410,096 as compared with $1,471,507 in 2006, a decrease of 72% compared with 2006 as a result of debenture of properties last year. Net Income, on the other hand, was $33,725,949 compared with $516,814 last year, demonstrating an escalating increase year after year.