PSE Circular for Brokers No. 811-98

April 24, 1998 PSE CIRCULAR FOR BROKERS NO. 811-98 Securities and Exchange Commission SEC Building, E. delos Santos Avenue Greenhills, Mandaluyong City Attention: Ms . Linda A . Daong Acting Director MMOD Philippine Stock Exchange 4th Floor, Tektite Tower 1 Exchange Road, Ortigas Center Pasig City Attention: Ms . Ma . Isabel Garcia Head Disclosure and Listing Group Gentlemen : In compliance with Securities and Exchange Commission's rules and regulations on disclosure, our Company hereby informs the SEC that in our Annual Stockholders' Meeting on April 23, 1998, the following corporate plans were approved by the stockholders: 1. The approval and adoption of the Company's capital restructuring plan providing for the transfer of certain assets of the corporation in exchange for common shares of PetroTech Consultants, Inc., a subsidiary of Petrofields Corporation. 2. The Amendment of the Articles of Incorporation to carry into effect the reclassification of shares of the corporation into redeemable preferred shares and common shares at a ratio of seven (7) redeemable preferred shares and one (1) common share for every eight (8) shares of the present authorized capital stock. cdlex 3. The resolution authorizing the company to exchange the preferred shares of the Company distributed to existing shareholders consistent with paragraph 2 above with the common share of PetroTech pursuant to the restructuring plan mentioned in paragraph 1 above. 4. The election of the following directors for the term 1998-1999: Milagros V. Reyes Delfin L. Lazaro Alfonso S. Yuchengco III Cesar A. Buenaventura Soledad Cagampang-de Castro We hope that the above disclosures meet your requirements. Very truly yours, (SGD.) MILAGROS V. REYES President