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PetroEnergy Resources Corporation

Company Description
PetroEnergy Resources Corporation (PERC) was organized on September 29, 1994 as Petrotech Consultants, Inc. to provide specialized technical services to its then parent company, Petrofields Corporation (Petrofields), and to companies exploring for oil in the Philippines. In 1997, PERC adopted its present name and changed its primary purpose to oil exploration and development and mining activities. In 1999, PERC assumed Petrofields' oil exploration contracts in the Philippines and the production sharing contract covering the Etame discovery block in Gabon, West Africa (Etame Field).

PERC currently has a 2.525% participating interest in the actively producing Etame Field and the following petroleum blocks in the Philippines: 16.67% in SC 6A - Octon, Northwest Palawan; 4.14% in SC 14C2 - West Linapacan; and 15% in SC 75 - Offshore Northwest Palawan.

In 2009, following the enactment of Republic Act No. 9513, otherwise known as the Renewable Energy Act of 2008, PERC amended its articles of incorporation to include among its purposes the business of generating power from renewable energy (RE) resources such as biomass, hydro, solar, wind, geothermal, ocean and such other renewable sources of power.

On March 31, 2010, PERC incorporated its now 90%-owned subsidiary, PetroGreen Energy Corporation (PGEC), to act as its renewable energy arm and holding company. PGEC ventured into RE development and power generation through its subsidiaries and affiliate: 65%-owned Maibarara Geothermal, Inc., which is the owner and developer of the 20 MW Maibarara Geothermal Power Project (MGPP-1) in Santo Tomas, Batangas and its expansion, the 12 MW MGPP-2; 56%-owned PetroSolar Corporation, which is the owner and developer of the 50MWDC Tarlac Solar Power Project in Tarlac City; and 40%-owned PetroWind Energy, Inc., which is the owner and developer of the 36 MW Nabas Wind Power Project in Nabas and Malay, Aklan.

Source: The Company (2021)/SEC Form 17-A (2020)
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 [email protected]
Telephone Number (632) 8637 2917
Fax Number (632) 8634 6066