PXP Energy Boosts Direct Shareholding in FEC

PXP Energy Corporation (PXP) announced that it has increased its direct shareholding in FEC Resources Inc. (FEC) from 78.39% to 81.25%. This increases PXP's total economic interest in Forum Energy Limited (FEL) from 97.88% to 98.08% and in Service Contract (SC) 72 from 68.52% to 68.65%. The additional interest was acquired through a subscription to 131,563,725 new ordinary shares of FEC through the conversion of its outstanding loan principal of $1,011,155.88 plus accrued interest of $146,604.90 (or a total consideration of US $1,157,760.78) into new shares of FEC at $0.0088 per share.

FEC is incorporated under the laws of British Columbia, Canada. It primarily acts as an investment holding company. Its principal asset is a 6.8% stake in FEL. FEL is a UK Incorporated oil and gas exploration and production company with a focus in the Philippines. It's principal asset is a 70% interest in SC 72, an 8,800-square kilometre (Km2) offshore petroleum license situated west of Palawan Island in the West Philippine Sea.The acquisition of additional shares in FEC did not result in a change in the board of FEC or FEL.

PXP is an upstream oil and gas company incorporated in the Philippines whose shares are listed on the Philippine Stock Exchange.