Pilgrim Petroleum Corporation announced a resignation, restructure and new appointments as the company moves into the next phase of development and production. Effective immediately the board has accepted the resignation of Rafael A Pinedo as Chairman, President and Director. The shareholder and board of directors have approved appointing Samuel Carl Smith as Chairman of the Board of Directors and CEO, and Malik Hussain as Vice-President business development and operations.

Mr. Smith has also served on the Boards of various financial institutions. His wealth of experience and knowledge in upstream operations, management, and regulatory compliance will serve a key function in supporting Pilgrim's business.