PXP Energy Corporation

PXP Energy Corporation (PXP or the Company), is a Philippine corporation organized on December 27, 2007 and listed on the second board of the Philippine Stock Exchange on September 12, 2011 (stock symbol: PXP).

The Company is mainly involved in the exploration, maturation, and production of local and international hydrocarbon resources. Currently, it has interests in various petroleum Service Contracts (SCs) in the Philippines held directly and through its major subsidiary, Forum Energy Limited (FEL).

The Company’s direct interests in Philippine petroleum SCs include a:

50% operating interest in SC 75 (Northwest Palawan);
100% operating interest in Block A North Recto Bank (Nominated Area No. 6) located in offshore West Palawan, under SC nomination; and
6.84% non-operating interest in the Octon Block (Nominated Area No. 10) located in offshore Northwest Palawan, under SC nomination.

PXP holds a 79.35% controlling interest in FEL, with 72.55% held directly and 6.80% held indirectly through a 78.39%-owned subsidiary, FEC Resources, Inc. (FEC).

FEC is a Canadian public company registered with the U.S. Securities and Exchange Commission, the Alberta Securities Commission, and the British Columbia Securities Commission, and quoted in North America.

FEL is a company incorporated in the United Kingdom, with focus on the Philippines. It has a:

70% operating interest in SC 72 (Recto Bank) which covers the Sampaguita natural gas discovery in offshore West Palawan, held through Forum (GSEC 101) Limited (FGL);
100% operating interest in SC 40 (North Cebu) held through FEPC’s 66.67%-held subsidiary, Forum Exploration, Inc. (FEI); and
minority interests in four blocks in offshore Northwest Palawan, including a 3.21% interest in the producing Galoc Field, held through Forum Energy Philippines Corporation (FEPC).

PXP also holds a 100% controlling interest in Pitkin Petroleum Limited (Pitkin), an upstream oil and gas company registered in the United Kingdom.

A summary of the exploration and production assets held by PXP and its subsidiaries are as follows: