Addison, Texas , June 29, 2017 (GLOBE NEWSWIRE) -- Pilgrim Petroleum Corporation (PGPM), an oil and gas exploration development (E&D) company focus in proven fields exploited by well managed independent oil companies extracting reserves at lower risk and lower cost than unproved prospects. Our parent is Pilgrim Petroleum PLC, a private company (E&P), focus in domestic and international areas where major oil and gas producing companies have reduced their exploration efforts in search of larger reserves.
Management is pleased to announce a resignation, restructure and new appointments as the company moves into the next phase of development and production. Effective immediately the board has accepted the resignation of Rafael A Pinedo as Chairman, President and Director; his leadership and efforts as the active majority shareholder played a critical role in the development and success of the organization restructuring and recruitment of a suitable management team to grow the company. He has agreed to partner lease acquisition and participation agreement with the privately held company London General Management Ltd (formerly Pilgrim Petroleum PLC). The shareholder and board of directors have approved appointing Samuel Carl Smith as Chairman of the Board of Directors and CEO, and Malik Hussain as Vice-President business development and operations.
The team combine more than 50 years of oil industry experience more than 35 years of operational and managerial experience in oil and gas exploration, development, and acquisitions. These appointments represent significance in bringing additional Oil and Gas corporate expertise and oversight of the continuance of the current operations.
Mr Smith has also served on the Boards of various financial institutions. His wealth of experience and knowledge in upstream operations, management, and regulatory compliance will serve a key function in supporting Pilgrim’s business.
Management is working with our accountant and legal counsel, to confirm a retirement of shares from ex-employees and consultants, thereafter the process is completed, the repurchase plan of shares will start, based on market conditions, no time set, no minimums or maximus amounts are set at this time.
Memorandum of Understanding (MOU) for the acquisition of approximately 500 acres of Working Interest and Mineral Interest of non-producing properties owning by the operator in the State of Oklahoma located on the Woodford Basin of Oklahoma, as well as the Central Basin Platform and the Northeast Region of the state representing relatively shallow depths. The target acquisition says it will transfer its technical knowledge of the area which has been largely dominated by private exploration and production companies, many of which are backed by leading private equity, a final acquisition agreement will be executed on the next few days. More details on the operational plans will be forthcoming shortly.