PXP Energy Corporation (PXP), formerly Philex Petroleum Corporation, was incorporated on December 27, 2007. PXP's primary business is the exploration and production of crude oil and natural gas, through interests in petroleum contracts and holdings in resource development companies with interests in petroleum service contracts (SC). On August 8, 2016, the Securities and Exchange Commission approve
d the change in name to the present one. The Company's direct interest in Philippine petroleum service contracts includes a 50% operating interest in SC 75; a 70% operating interest in SC 74; and a 5.56% interest SC 6A Octon; all located in the Northwest Palawan. PXP has interests in various petroleum SCs in the Philippines and Peru held directly and through a 53.43% interest in Pitkin Petroleum Limited (PPL) and 72.18% interest Forum Energy Limited (FEP). PPL is an international upstream oil and gas company registered in the United Kingdom with operations in Peru. PPL has a 25% participating interest in Peru Block Z-38 located in offshore Tumbes Basin. FEP, meanwhile, has a 70% operating interest in SC 72 Recto Bank which covers the Sampaguita natural gas discovery in offshore West Palawan; 100% operating interest in SC 40 North Cebu; and 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. The Company owns 100% of Brixton Energy & Mining Corporation (BEMC), a coal mining company which operated coal operating contract (COC) 130 in Zamboanga Sibugay in Mindanao until September 2013. On January 6, 2014, BEMC finalized agreements for the assignment of COC 130 to Grace Coal Mining and Development, Inc. which was approved by the Department of Energy on May 27, 2015.
