The last time we checked in with PILGRIM PETROLEUM COM STK USD1 (OTCMKTS:PGPM) the stock was on the tail end of an incredible run which from the end of April and well into May. That move took the stock from the super-subpenny range to more than a penny per share.
Following that mega-run, the stock went into an understandable consolidation period wherein it was compressed back down to the .003-range, but this week it has been mounting a comeback. The rebound comes in conjunction with a light at the end of tunnel in terms of the company’s reporting status.
PILGRIM PETROLEUM COM STK USD1 (OTCMKTS:PGPM) released the following comment last week: “…business operations remain normal and uninterrupted, while the Company believes all requirements and disclosures have been met according the standards of the OTC Markets Group. The Company believes that it will be able to become current in the near future, with no assurances of when that event will happen. “(Source: Globe Newswire)
The statement was vague to the point of wondering why it was released at all, but our best guess is that company officers have received a ton of inquiries from shareholders as to when the company’s OTC Pink- Limited status on OTC Markets will be upgraded. At the very least, it represents an effort on PGPM’s part to come current on their reporting.
There was a little more meat on the bone with this week’s press release from PGPM, which was concerning an effort to clean up the company’s share structure.
The PGPM 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 ones 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”. (Source: Globe Newswire)
Also occurring ince the last time we took a look at PGPM was a significant infusion of cash. A couple of weeks ago, PGPM announced a new funding commitment in the amount of $3.0 Million from certain insider(s). This will be the first of many funding events this year with a combination of insiders and certain private investors.
The new capital commitment will allow the Company to start production on our non-producing properties, acquire additional mineral rights and secure additional working interest. This year we expect will bring transformative changes to our Company, both on the corporate and strategic front. One of our most important tasks is to allocate capital to the most compelling opportunities. We continually strive to align our capital structure with our exploration strategy and through the rationalization of our non-core exploration prospects that no longer fit our selection and screening criteria. (Source: Globe Newswire)
All in all, despite the fact that information is limited from OTC Markets and will continue to be until PGPM is granted fully reporting status, it’s clear the company has been making strides to clean their situation up. That’s why we’re interested in PGPM, and will continue to follow along. Stay locked to Street Register for updates, and we’ll deliver important developments on PGPM as they unfold. In the meantime, if you’ve yet to sign up for our 100% free newsletter, do so now! Just enter your active email address into the box below and submit!
Disclosure: No one at Street Register has been compensated in any way for the publishing of this article, nor do we hold any position in PGPM stock, short or long.