PSE Circular for Brokers No. 3044-99

November 29, 1999 PSE CIRCULAR FOR BROKERS NO. 3044-99 25 November 1999 Philippine Stock Exchange, Inc. 4th Floor PSE Centre Exchange Road, Ortigas Center Pasig City Attention: Ms . Grace B . de Guia Asst . Manager Disclosure Department Gentlemen: Pursuant to our disclosure dated November 3, 1999 regarding the assignment of Seafront's oil interest in various GSEC/SC areas to PetroEnergy Resources Corporation, please be informed that the Department of Energy has approved the said transfer as per DOE letter dated November 19, 1999 which we received on November 25, 1999. Please see attached. We hope that the above disclosure meets the requirement of your office. Very truly yours, (SGD.) MILAGROS V. REYES President November 19, 1999 Seafront Resources Corporation 7th Floor, JMT Building ADB Avenue, Ortigas Center Pasig City Attention: Ms. Milagros V. Reyes President PetroEnergy Resources Corporation 7th Floor, JMT Building ADB Avenue, Ortigas Center Pasig City Attention: Mr. Adolfo G. Garcia Asst. Vice-President Gentlemen: We refer to your joint letter of 17 November 1999, requesting approval of the transfer of the participating interest of Seafront Resources Corporation (Seafront) in various GSEC/SC areas to PetroEnergy Resources Corporation (PERC) effective October 29, 1999, to wit: LibLex Area Participating Interest a. Service Contract 6-A (NW Palawan) 5.00% b. Service Contract 41 (Sulu Sea) 1.19% c. GSEC 76 (Ragay Gulf) 2.31% d. GSEC 91 (SW Palawan) 2.94% e. GSEC 94 (SW Palawan) 5.00% including all rights and obligations attributable to said interest. We interpose no objection to the transfer of the abovementioned participating interests and thus approve the same. Seafront and PERC may proceed with the execution of the Deed of Assignment and Assumption and furnish this office with a copy of the duly signed contract. Thank you and best regards. prcd Very truly yours, (SGD.) GRISELDA J. G. BAUSA Director Energy Resource Development Bureau