Pilgrim Petroleum Corporation (OTC Pink: PGPM) operates as an oil & gas company. Shares of the energy producer are surging 62.16%, through early trading on Tuesday, June 20, 2017. Over the past three months, Pilgrim Petroleum Corporation saw average daily volume of 38.78 million shares. However, volume of 78.22 million shares or dollar volume of $484,964, has already exchanged hands on Tuesday.
Shares of Pilgrim Petroleum Corporation are surging Tuesday, after the company announced a stock buyback and retirement program. The company’s Board of Directors have authorized the cutting of its authorized common share count. As a result, the shares have been returned and now have an “unissued status.” Here is the full press release detailing of the stock buyback and retirement program:
Pilgrim Petroleum Corporation Press Release:
Addison, Texas, June 19, 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.
The company is pleased to announce today that its Board of Directors has authorized a share repurchase and retirement program of the Company’s outstanding common shares. The Board of Directors believes that a share repurchase program would be in the best interests of the Company and its shareholders, and will not impact the Company’s ability to execute its growth plans. Under the stock repurchase program, the Company and direct affiliates will be the only authorized to repurchase and based on market conditions. The repurchased shares will be constructively retired and returned to unissued status. “Share repurchase and dividends represent great ways to return value to our shareholders”.
Legal Notice Regarding Forward-Looking Statements:
This press release 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 sections. About Pilgrim Petroleum Corporation. Headquartered in Addison, Texas, Pilgrim Petroleum Corporation is a publicly traded company (PGPM). Pilgrim Petroleum Corporation is an independent oil and gas company. The company is acquiring oil and gas leases, producing properties, mineral rights, and surface interests. Once acquired, the company intends to develop each property to maximize the income from each property by refurbishing and improving the existing production. Forward Looking Statements: can give no assurance that such expectations will prove to be correct. All forward-looking statements should be evaluated with the understanding of their inherent uncertainty. Factors that could cause the company’s actual results to differ materially from those expressed or implied by forward-looking statements include, but are not limited to: The success of the company’s exploration and development efforts; the price of oil, gas and other produced gasses and liquids; the worldwide economic situation; changes in interest rates or inflation; the ability of the company to transport gas, oil and other products; the ability of the company to raise additional capital, as it may be affected by current conditions in the stock market and competition in the oil and gas industry for risk capital; the company’s capital costs, which may be affected by delays or cost overruns; cost of production; environmental and other regulations, as the same presently exist or may later be amended and the company’s ability to identify, finance and integrate any future acquisitions. You are urged to carefully review and consider the cautionary statements and other disclosures. Forward-looking statements speak only as of the date of the document in which they are contained, and Pilgrim Petroleum does not undertake any duty to update any forward-looking statements except as may be required by law. The statements which are not historical facts contained in this release are forward looking statements that involve risks and uncertainties, including but not limited to, the effect of economic conditions, the impact of competition, the results of financing efforts, changes in consumers’ preferences and trends. The words “estimate,” “possible,” and “seeking” and similar expressions identify forward-looking statements, which speak only to the date the statement was made. The Company undertakes no obligation to publicly update or revise any forward-looking statements, because of new information, future events, or otherwise. Future events and actual results may differ materially from those set forth herein, contemplated by, or underlying the forward-looking statements. 2017 Pilgrim Petroleum Corporation. The information herein is subject to change without notice. Pilgrim Petroleum Corporation shall not be liable for technical or editorial errors or omissions contained herein