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Basic Energy Corporation

Company Description
Basic Energy Corporation (BSC) was originally incorporated as Basic Enterprises, Inc. on September 19, 1968 and became an oil and gas exploration and development company on April 26, 1971. A year after, BSC assumed a new name, Basic Petroleum and Minerals, Inc. Over the years, BSC evolved from an operating company to a holding company under the corporate name, Basic Consolidated, Inc. In 2007, in line with the inclusion among its primary purposes the production of ethanol and other biofuels, and the development of other alternative and renewable energy sources, the Company changed its corporate name to the present one.

As a holding company, BSC fully owns the following subsidiaries: Basic Diversified Industrial Holdings, Inc., an investment holding company; iBasic, Inc., an information technology management company and service integrator; Basic Biofuels Corporation, a biofuels developer; Basic Renewables, which is into the development of renewable energy; Basic Geothermal Energy Corporation, which is into geothermal energy development; and Grandway Group Limited, a Hong Kong based unit in charge of equity investments abroad. The Company also owns 72.58% of Southwest Resources, Inc., an oil exploration company.

BSC was awarded by the Department of Energy (DOE) a total of five service contracts for the exploration and development of geothermal energy in Mabini, Batangas; Mariveles, Bataan; East Mankayan, Benguet; Iriga, Camarines Sur; and West Bulusan, Sorsogon. The Company was also previously awarded by the DOE four hydro-power service contracts all located in Negros Occidental, but BSC has withdrawn from these service contracts to focus on its drilling operations in Mabini, Batangas. This service contract was, however, terminated by the Department of Energy (DOE) in a letter dated June 14, 2019.

Source: SEC Form 17-A (2019)
Security Information
Sector Industrial
Subsector Electricity, Energy, Power & Water
Corporate Life 0
Incorporation Date Sep 19, 1968
Number of Directors 11
Stockholders' Meeting as per By-Laws Per By-Laws: March; For 2011: 29 June 2011, Record Date: 08 June 2011, Circ. No. 2981-2011
Fiscal Year 12/31 (Month/Day)
External Auditor Reyes Tacandong & Co.
Transfer Agent Professional Stock Transfer, Inc.
Contact Information
Business Address Principal Office: UB 111 Paseo de Roxas Bldg, Legaspi Village; Satellite Office: 5/F 11 Corporate Ctr. 11 Avenue Avenue cor Triangle Drive, BGC, Taguig City
E-mail Address
Telephone Number 7917-8118; 3224-4383
Fax Number -