Pilgrim said that its recent activities related to acquisitions, farm-outs and well reactivation program have contributed to the optimization of the company’s earnings per share (EPS) and improvement of its overall value.
According to Pilgrim, its reactivation plan has successfully put back online 35 wells. By optimizing production and increasing operational efficiency, Pilgrim said that it will continue to generate a consistent rate of return for its shareholders. The company expects to continue this trend by keeping overhead low while expanding capital deployment over more well interests.
Rafael Pinedo, president and CEO of Pilgrim, said: We are making progress with our ongoing initiatives to improve operation activities and Pilgrim’s value. Given our operating progress to date, we are confident that EPS will increase progressively for fiscal 2008.
