C04638-2017

SECURITIES AND EXCHANGE COMMISSIONSEC FORM 17-C

CURRENT REPORT UNDER SECTION 17
OF THE SECURITIES REGULATION CODE
AND SRC RULE 17.2(c) THEREUNDER

1. Date of Report (Date of earliest event reported)
Jul 27, 2017
2. SEC Identification Number
AS094-008880
3. BIR Tax Identification No.
004-471-419-000
4. Exact name of issuer as specified in its charter
PetroEnergy Resources Corporation
5. Province, country or other jurisdiction of incorporation
Metro Manila, Philippines
6. Industry Classification Code(SEC Use Only)
7. Address of principal office
7th Floor, JMT Building, ADB Avenue, Ortigas Center, Pasig City Postal Code 1600
8. Issuer's telephone number, including area code
632 6372917
9. Former name or former address, if changed since last report
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10. Securities registered pursuant to Sections 8 and 12 of the SRC or Sections 4 and 8 of the RSA
Title of Each Class Number of Shares of Common Stock Outstanding and Amount of Debt Outstanding
Common 410,736,330
11. Indicate the item numbers reported herein
Item 9

The Exchange does not warrant and holds no responsibility for the veracity of the facts and representations contained in all corporate disclosures, including financial reports. All data contained herein are prepared and submitted by the disclosing party to the Exchange, and are disseminated solely for purposes of information. Any questions on the data contained herein should be addressed directly to the Corporate Information Officer of the disclosing party.

PetroEnergy Resources CorporationPERC

PSE Disclosure Form 4-13 - Clarification of News Reports References: SRC Rule 17 (SEC Form 17-C) and
Section 4.4 of the Revised Disclosure Rules

Subject of the Disclosure

PetroEnergy expects profit boost from renewable energy plants.
Source BusinessWorld online
Subject of News Report PetroEnergy expects profit boost from renewable energy plants.
Date of Publication Jul 27, 2017
Clarification of News Report

In compliance with the Exchange's directive, we hereby confirm the contents of the news article entitled "PetroEnergy expects profit boost from renewable energy plants" released by Business World Online on July 26, 2017:

“PETROENERGY Resources Corp. expects net income this year to grow by 33% on higher electricity sales from renewable energy plants, including the Tarlac solar farm that is on its first full year of operation, company officials said.

‘Our forecast is upbeat for 2017 since our first-half financial performance already showed a marked improvement in revenues and net income compared to the same period last year,’ PetroEnergy President Milagros V. Reyes announced during the company’s annual stockholders meeting on Wednesday at RCBC Plaza in Makati City.

‘If this efficiency is maintained, we project a 33% increase in our net income by the end of this year,’ she added.

At a 33% growth rate, the company could post a $7.7-million profit this year. PetroEnergy reports its financial data in dollars for ease in accounting for its overseas oil.
. . .
Mr. Delfin said among this year’s growth drivers is the 50-megawatt (MW) solar project in Central Technopark in Tarlac City. The solar farm will be reporting its first full year of operation in 2017 as against 2016’s 10-month commercial run.

The geothermal project is also expected to be up the entire year, which compares with the reported shutdown in 2016.

Carlota R. Viray, PetroEnergy assistant vice-president for finance, said this year’s earnings would also get a boost from the slight recovery in oil prices. She said oil was trading at around $50 a barrel this year, up from around $35 a year ago.

PetroEnergy is planning to expand its Tarlac solar farm by 49 MW and is looking for power supply contracts for the higher output.

Tarlac-2, which is expected to cost P2.4 billion, is one of three projects in the pipeline. The other two are the 14-MW Nabas-2 wind farm costing P1.6 billion, and a 5- to 10-MW solar power project in Puerto Princesa with a battery storage component for P855 million.

A fourth project -- the 12-MW second phase -- has reached financial close as banks agreed to lend 30% of the P1.9-billion project cost after PetroEnergy secured a power supply agreement (PSA) with Phinma Energy Corp.

The expansion projects have a total price tag of P6.755 billion spread within the next two years, company officials said.


Thank you.
Other Relevant Information

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Filed on behalf by:
Name Arlan Profeta
Designation Head/ Alternate Chief Information Officer