PSE Circular for Brokers No. 1282-98

June 9, 1998 PSE CIRCULAR FOR BROKERS NO. 1282-98 SECURITIES AND EXCHANGE COMMISSION SEC FORM 11-C CURRENT REPORT UNDER SECTION 11 OF THE REVISED SECURITIES ACT (RSA) AND RSA RULE 11(a)-1(b)(3) THEREUNDER 1. 08 June 1998 Date of Report (Date of earliest event reported) 2. SEC Identification Number 166411 3. BIR Tax Identification No. 430-000-187-926 4. PETROFIELDS CORPORATION Exact name of registrant as specified in its charter 5. Manila, Philippines Province, country or other jurisdiction of incorporation 6. (SEC Use Only) Industry Classification Code: 7. 7th Floor, JMT Building, ADB Avenue Ortigas Centre, Pasig City 1600 Address of principal office Postal Code 8. (632) 633-8716 to 21 Registrant's telephone number, including area code 9. Petrofields Exploration and Development Company, Inc. Former name or former address, if changed since last report 10. Securities registered pursuant to Sections 4 and 8 of the RSA Title of Each Class Number of Shares of Common Stock Outstanding Common Class "A" 480,000,000 shares Common Class "B" 320,000,000 shares Total 800,000,000 shares 786,337,145 shares Amount of Debt Outstanding = None 11. Indicate the item numbers reported herein: Item #9 Other Events Signatures Pursuant to the requirements of the Revised Securities Act, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. PETROFIELDS CORPORATION Registrant (SGD.) FRANCIS G. TARCELO Chief, Adm . Officer 08 June 1998 Securities and Exchange Commission SEC Building, E. delos Santos Avenue Greenhills, Mandaluyong City Attention: Ms. Linda A. Daoang Director MMOD Gentlemen : In compliance with the SEC rules on disclosure, Petrofields and Alcorn Petroleum formally issue the following report/update in connection with our company's interests in the Etame Permit area in the Offshore Gabon, West Africa: After setting the 9-5/8" casing at 1,823 m., the well wets drilled into the objective sequence of shales and sandstones. At 1,873 m. a drilling break was observed with corresponding increase in gas readings and significant pressure build-up from sandstones encountered at depth. Initial evaluation indicated oil shows and significantly high gas reading from the 6 m. sandstone section as the well was being circulated and mud being weighed up. The well will be drilled to a total depth of 2,500 m. after which logs will be run to evaluate the oil shows so far observed from the well. The Etame No. 1 drilling is the first exploratory well to be drilled by a consortium composed of VAALCO Energy, Inc., Western Atlas Afrique Ltd. (both Houston-based), Sasol Petroleum International (Pty) Ltd. of South Africa, Alcorn Petroleum and Minerals Corporation and Petrofields Corporation. We hope that the above disclosure meets your requirements. Very truly yours, (SGD.) FRANCIS G. TARCELO Chief Administrative Officer