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;
12.50% non-operating interest each in SC 80 and SC 81 (Sulu Sea) in the Sulu Sea Basin; and
6.84% non-operating interest in the SC 86 (Octon) located in offshore Northwest Palawan.

PXP holds a 99.35% controlling interest in FEL, with 92.55% held directly and 6.80% held indirectly through a 81.25%-owned subsidiary, FEC Resources, Inc. (FEC).

FEC was incorporated under the laws of Alberta, Canada and is a holding company with an interest in FEL. It is listed in the United States on the OTC Pink ("OTC Pink"), having the symbol FECOF.

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) through FEPC's 66.67%-held subsidiary, Forum Exploration, Inc. (FEI); and
minority interests in four blocks in offshore Northwest Palawan, including a 4.69% interest in the producing Galoc Field, held through Forum Energy Philippines Corporation (FEPC).

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