Pilgrim Petroleum Corporation (Pink Sheets:PGPM) announced negotiations to acquire production and acreage of approximately 7300 total acres in Johnson and Wise county in the Texas Barnett Shale, the best play in the country.
This property has a history of great production and existing conventional well bores available for reentry; Pilgrim Petroleum will focus on refitting the properties with additional horizontal and directional wells. Some seismic data is available with this acquisition, which will facilitate a reserve report. A final agreement is expected to be completed in the next few weeks.
Stephen Richardson, Pilgrim Petroleum Vice-President, said, "Each acquisition builds our natural energy reserve base. We will continue to acquire properties and bring our wells on line throughout 2006 in order to increase our residual revenue."
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