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PetroEnergy Resources Corporation

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Company Description
PetroEnergy Resources Corporation (PERC), formerly Petrotech Consultants, Inc., was organized on September 29, 1994 to provide specialized technical services to companies exploring for oil in the Philippines. In 1997, the Company's name was formally changed into the present one, simultaneous with the change in its primary purpose from rendering technical services to oil exploration and development and mining activities. On September 23, 2009, the Securities and Exchange Commission approved the Company's entry into the business of generating power from conventional and renewable sources of power.

PERC's four main energy businesses are petroleum, wind, geothermal and solar. The principal properties of PERC consist of various oil areas located in the Philippines and in Gabon, West Africa. PERC's local service contracts are located in Northwest Palawan, Offshore Mindoro and East Visayan Sea. PERC derives its revenues from its Gabon operations. The Philippine contracts are in the exploration stage and some contracts are being farmed out to reduce risk inherent to the business.

As of December 31, 2016, Maibarara Geothermal, Inc. (MGI) and Petrosolar Corporation (Petrosolar) are effectively subsidiaries of PERC through PetroGreen Energy Corporation (PetroGreen) since PERC owned 90% of PetroGreen while PetroGreen owned majority of the voting power of MGI and PetroSolar. On June 19, 2015, PetroGreen transferred its interest in Solar Energy Service Contract No. 2015-03-115 to PetroSolar by virtue of the deed of assignment and assumption. The Department of Energy approved the assignment on September 15, 2015.

Source: SEC Form 17-A (2016)
Security Information
Sector Industrial
Subsector Electricity, Energy, Power & Water
Corporate Life 0
Incorporation Date Sep 29, 1994
Number of Directors 7
Stockholders' Meeting as per By-Laws Per By-Laws: July - 3rd Wednesday; For 2011: 28 July 2011, Record Date: 10 June 2011, Circ. No. 5029-2011
Fiscal Year 12/31 (Month/Day)
External Auditor SyCip, Gorres, Velayo & Company
Transfer Agent Rizal Commercial Banking Corporation - Stock Transfer Dept.
Contact Information
Business Address 7/F JMT Condominium Bldg. ADB Ave., Ortigas Center, Pasig City
E-mail Address petro_energy@petroenergy.com.ph
Telephone Number 637-2917/637-4032/637-5799/637-4362
Fax Number 634-6066
Website http://www.petroenergy.com.ph