Securities and Exchange Commission Sec Form 11-C Current Report Under Section 11 of The Revised Securities Act (RSA) and RSA Rule 11(a)-l(b)(3) Thereunder

October 5, 1999 PSE CIRCULAR FOR BROKERS NO. 2509-99 SECURITIES AND EXCHANGE COMMISSION SEC FORM 11-C CURRENT REPORT UNDER SECTION 11 OF THE REVISED SECURITIES ACT (RSA) AND RSA RULE 11(a)-l(b)(3) THEREUNDER 1. October 4, 1999 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 Number of Shares of Common Stock Title of Each Class Outstanding Common Class "A" 60,000,000 shares Common Class "B" 40,000,000 shares Redeemable Preferred "A" 420,000,000 shares 98,292,143 shares Redeemable Preferred "B" 280,000,000 shares Total 800,000,000 shares 11. Indicate the item numbers reported herein: Item # 2 Acquisition of Assets Petrofields and other companies in the Yuchengco Group have entered into a Memorandum of Agreement to discuss the terms and conditions of the contemplated acquisition of the outstanding capital stock of Mapua Institute of Technology (MIT). Item 2. Acquisition of Assets The Memorandum of Agreement signed initiates the negotiation for the acquisition of MIT. Documents and information required shall be submitted as soon as they become available. Please see attached letter regarding the above item. October 4, 1999 The Securities and Exchange Commission SEC Building, E. de los Santos Avenue Mandaluyong City Attention: Ms . Linda A. Daoang Director - MMOD Philippine Stock Exchange 4th Floor, Tektite Tower I Exchange Road, Ortigas Center Pasig City Attention: Ms . Grace De Guia Assistant Manager Disclosure Department In compliance with the Securities and Exchange Commission's and Philippine Stock Exchange's rules and regulations on disclosure, we hereby inform that on even date, Petrofields Corporation ("Petrofields") and other companies in the Yuchengco Group have entered into a Memorandum of Agreement to discuss the terms and conditions of the contemplated acquisition of the outstanding capital stock of Mapua Institute of Technology ("MIT"). In line with the business development strategy of Petrofields, it will enter the field of Information Technology and Education. MIT, being a leading engineering school, is seen as an ideal vehicle for the development of a generation of engineers and technically-based entrepreneurs who could lead Philippine industries in the new global business order which will be driven by information technology. Very truly yours, (SGD.) MILAGROS V. REYES President