PXP Energy Corporation (formerly Philex Petroleum Corporation)

PXP Energy Corporation (formerly Philex Petroleum Corporation) (“PXP” or “the Company”), is a Philippine corporation organized in December 2007 and is listed in the Philippine Stock Exchange.

The Company has interests in various petroleum service contracts in the Philippines and Peru held directly and through its major subsidiaries, Pitkin Petroleum Limited (“Pitkin”) and Forum Energy Limited (“Forum”).

The Company’s direct interest in Philippine petroleum service contracts includes (1) a 50% operating interest in SC 75; (2) a 70% operating interest in SC 74; (3) a 1.65% overriding royalty interest in SC 6 Cadlao and, (4) a 5.56% interest SC 6A Octon; all located in the Northwest Palawan.

The Company holds a 53.43% controlling interest in Pitkin, an upstream oil and gas company registered in the United Kingdom with operations in Peru. Pitkin’s asset is a 25% participating interest in Peru Block Z-38 located in offshore Tumbes Basin.

The Company also holds a 77.5% controlling interest in Forum, with 69.5% held directly and 8.0% held indirectly through a 54.99%-owned subsidiary, FEC Resources, Inc. (“FEC”), a Canadian public company registered with the US Securities and Exchange Commission, the Alberta Securities Commission, and the British Columbia Securities Commission and quoted in North America. Forum, a UK incorporated company with focus on the Philippines, has: (a) 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, (b) a 100% operating interest in SC 40 North Cebu held through Forum Exploration, Inc., and (c) minority interests in the SC 6 and SC 14 sub-blocks in offshore Northwest Palawan, including a 2.27% interest in the producing Galoc field, held through Forum Energy Philippines Corporation.

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

PXP Energy Corporation

AssetsLocationArea km2InterestOperatorStatus
SC 6 Cadlaooffshore NW Palawan341.65%Blade Petroleumceased production in 1991 redevelopment planned
SC 6A Octonoffshore NW Palawan1,0805.56%Pitkin Petroleumexploration and appraisal
SC 72 Recto Bankoffshore NW Palawan6,16050%PXP Energy Corporationexploration

Forum Energy Limited

AssetsLocationArea km2InterestOperatorStatus
SC 72 Recto Bankoffshore NW Palawan8,88070%Forum Energyexploration and appraisal
SC 40 North Cebuonshore North Cebu4,580100%Forum Energysmall scale gas production
SC 14A Nidooffshore NW Palawan23.88.46%Philodrillcyclical oil production
SC14B Matinlocoffshore NW Palawan1512.40%Philodrillcyclical oil production
SC14B-1 North Matinlocoffshore NW Palawan8.019.46%Philodrillcyclical oil production
SC 14C-1 Galocoffshore NW Palawan1632.27%GPCoil production
SC 14C-2 West Linapacanoffshore NW Palawan176.59.10%Philodrillceased production in 1996 redevelopment planned
SSC 14 Taraoffshore NW Palawan10.2810.00%Trans-Asia-
SC 14 Block Doffshore NW Palawan1858.16%Philodrill-
SC 6A Octonoffshore NW Palawan1,0805.56%Philodrillexploration and appraisal
SC 6A Octonoffshore NW Palawan5337.03%Philodrillexploration and appraisal

Pitkin Petroleum Limited

AssetsLocationArea km2InterestOperatorStatus
Block Z-38offshore Peru4,87525%Karoon Gasexploration