PILGRIM PETROLEUM COM STK USD1 (OTCMKTS:PGPM) has a current market cap value of $2.07M and might be due for a jump, (if/when the caveat emptor sign can be lifted from its name). Why?

The company claims it has $48.8 million in investments, while stating it has only $7.2 million in total liabilities. If that is truly the case its impressive for a stock of this nature. This is all well and good but, the skull and crossbones symbol is still next to their name on the OTC. The caveat emptor sign may be removed soon, but the stock is currently sliding.

PILGRIM PETROLEUM COM STK USD1 (OTCMKTS:PGPM) bills itself as an oil and gas exploration and development (E&D) company acquiring, developing, and operating oil and gas properties with proven reserves in the US.

According to company materials, they “Focus in proven fields exploited by well managed independent oil companies extracting reserves at lower risk and lower cost than unproved prospects, provides services to 3rd party operators and partners in the areas of Consulting, Development, Aviation Services, and Enhanced Oil Recovery. Our parent is Pilgrim Petroleum PLC, a private own company, focus in domestic and international areas where major oil and gas producing companies have reduced their exploration efforts in search of larger reserves.”

On April 27, 2017, the company released that it would proceed with its reorganization plans including filing of all disclosures required by OTC Markets, FINRA and SEC. Additionally, the CEO sent a letter to shareholders in May stating the company’s objectives for the future. Most likely, those press releases kicked up the share price on this Delaware-based corporation.

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Here is a juicy quote from the CEO’s statement:

“The board of directors believe the current transitional period in petroleum E&P provides exceptional opportunities to apply our M&A and operational expertise to acquire and operate quality assets at low prices.  As we have done in the past, our focus on reserve value creation and asset divestiture to other entities who will pay premiums for reliable and optimized production, such as Master Limited Partnerships (MLPs).”

Since the last time we wrote about PGPM, they released new regulatory information and PGPM’s lawyers noted in a letter that the company was in compliance with the Securities Act of 1933. In addition, the company noted that it had received $3 million to fund its operations, which is great news.

Furthermore, the company tried to calm investors in late May by releasing this statement: (PGPM) clarify that recent developments related to stock price has nothing to do with dilution, stock sale from insiders or debt conversions issuances. Moreover, the company is more interested in continuing with private capital, from a combination of insiders and certain private individual investors (friends and family). Further, “Management has chosen not to accept typical private equity funding at this time in an effort to maintain complete control and oversight of its operations-assets”.

The Bottom Line: PILGRIM PETROLEUM COM STK USD1 (OTCMKTS:PGPM) has worked to establish some kind of trust and there are those analysts who believe the skull and crossbones could be coming down soon. If it does, the stock could jump but you would still like to see more transparency from PGPM. We are watching the story and will be providing updates as they come. For continuing coverage on shares of $PGPM stock, as well as our other hot stock picks, sign up for our free newsletter today and get our next hot stock pick!

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