SEC okays new PetroEnergy Resources unit

MANILA, Philippines - The Securities and Exchange Commission has approved the incorporation of PetroGreen Energy Corp., which shall take over the renewable energy projects of listed firm PetroEnergy Resources Corp. (PERC).

In a disclosure to the Philippine Stock Exchange, PERC said the establishment of a new subsidiary was an offshoot of the award to the company  by the Department of Energy of two wind energy service contracts in Sual, Pangasinan and Nabas, Aklan in September 2009, and a geothermal renewable energy service contract for the Maibarara geothermal field in Laguna and Batangas in February 2010.

PERC has sold its entire 1.03 percent  participating interest in the Galoc oil field in favor of current members of the Galoc consortium, led by Galoc Production Co. (GPC) at $800,000 per percentage interest point effective June 30, 2009.

Simultaneous with PERC’s sale of its Galoc interest was the sale of Alcorn Gold Resources Corp’s own 1.53 percent interest in the service contract to the remaining consortium members. The decision to proceed with the sale was made because PERC management believes that the minimal participating interest in the Galoc oil field will not contribute significantly to its revenues, considering the risks involved.

The Galoc oil field is located in Service Contract SC14-C (Galoc Sub Block) approximately 65 kilometers northwest of Palawan. — Zinnia Dela Peña