Petrofields Corporation

April 7, 1999 PSE CIRCULAR FOR BROKERS NO. 695-99 SUBJECT : Petrofields Corporation Petrofields Corporation ("PET") informed the Exchange that the Securities and Exchange Commission has approved on 29 March 1999, PET's application for the reclassification of its authorized capital stock. The Authorized Capital Stock of PET has been reclassified from 800,000,000 Common shares divided into 480,000,000 Common Class "A" shares and 320,000,000 Common Class "B" shares both with par value of P1.00 per share to 60,000,000 Common Class "A" Shares, 40,000,000 Class "B" shares and 700,000,000 redeemable preferred shares, all with par value of P1.00 per share. Currently, PET has 786,337,145 shares (A & B) issued and outstanding and listed with the PSE. In line with the above SEC approval, the reclassification of shares will be applied proportionately to all stockholders using the factor 0.125 and 0.875 to get the number of new common shares and redeemable preferred shares, respectively. For facility, hereunder is a sample computation: A. COMMON SHARES 100,000 shares - Original number of common shares x 0.125 - One (1) share for every eight (8) shares 12,500 SHARES - NO. OF NEW COMMON SHARES =========== B. REDEEMABLE PREFERRED SHARES 100,000 shares - Original number of common shares x 0.875 - Seven (7) shares for every eight (8) shares 87,500 shares - NUMBER OF NEW REDEEMABLE ========== PREFERRED SHARES The record date for the reclassification shall be announced later pending further advice from PET. cdll For your information. (SGD.) JOSE LUIS U. YULO, JR. President and CEO