Ofir Petroleum Corp.

June 9, 2020 ENFORCEMENT AND INVESTOR PROTECTION DEPARTMENT SEC ADVISORY The Commission has received information that an individual or group of persons representing an entity named OFIR PETROLEUM CORPORATION (OFIR) are enticing the public to invest their money in the said entity with the promise of high monetary rewards or profits. OFIR claims to be engaged in a gasoline/fueling station business. Based on reports and the information gathered and verified by the Commission, OFIR is engaged in offering 100 Preferred Shares with par value of Fifty Thousand Pesos (PhP50,000.00) per share plus a subscription fee of AED500.00 or Seven Thousand Fifty Pesos (PhP7,050.00) per share. Investors will have a Dividend Yield of 35-45% per annum of their total share/s, with quarterly receipt of dividends . The investments are claimed to be used for the construction of a gasoline station to be located in Aviation Road, Lapu-Lapu City, Cebu and for the purchase of fuel products to be sold in the said station. The investors will just have to wait for the gasoline station to be fully operational in 3-6 months to enjoy the full benefits of receiving their Dividend Yield quarterly. A screenshot of its enticement is shown below: A scrutiny of its marketing/compensation plan shows that OFIR is obviously engaged in the public offering for sale and distribution of securities, in the form of investment contracts, especially their own representation that an investor is entitled to a passive income by way of a Dividend Yield. Its gasoline/fueling station business is only a front to entice the public to invest. The investment scheme of OFIR , where investors are promised Dividend Yield, is within the definition of "securities" under Section 3.1 of the Securities Regulation Code (SRC). Furthermore, a perusal of its Articles of Incorporation, particularly Article VII therein, shows that the subject corporation has no classification of shares. OFIR has only one (1) class of shares common shares. Thus, it would not be possible for the subject corporation to issue preferred shares as this kind of shares was not indicated in its Articles of Incorporation. Records of the Commission show that OFIR PETROLEUM CORPORATION is registered with the SEC on 29 January 2019 under Company Registration No. CS201961166. However, such registration grants juridical personality to the corporation but does not authorize it to issue, sell or offer for sale securities to the public nor to undertake business activities requiring a secondary license from the Commission. The public is hereby informed that OFIR PETROLEUM CORPORATION is not authorized to solicit investments from the public, not having secured prior registration and/or license to sell securities or solicit investments as prescribed under Section 8 of the SRC. Those who act as salesmen, brokers, dealers or agents of the said entity in selling or convincing people to invest in the investment scheme it is being offered including soliciting investments or recruiting investors through the internet may be held criminally liable under Section 28 of the SRC and penalized with a maximum fine of Five Million Pesos (Php5,000,000.00) or imprisonment of Twenty One (21) years or both pursuant to Section 73 of the SRC (SEC vs. Oudine Santos, G.R. No. 195542, 19 March 2014) . Furthermore, the names of all those involved will be reported to the Bureau of Internal Revenue (BIR) so that the appropriate penalties and/or taxes be correspondingly assessed. In view thereof, the public is hereby advised to exercise caution in dealing with any individual or group of persons soliciting investments for and on behalf of OFIR PETROLEUM CORPORATION . The public is further advised NOT TO INVEST or to STOP INVESTING in the investment scheme being offered by the subject entity or its representatives. Violators are further warned that aside from the strict penalties imposed by the Commission for violations of the Securities Regulation Code, the Revised Corporation Code, and such other rules and regulations it enforces, the Bayanihan to Heal as One Act (Republic Act No. 11469) also punishes those participating in cyber incidents that make use or take advantage of the current crisis situation to prey on the public through scams, phishing, fraudulent emails, or other similar acts. Should you have any information regarding the operation of the subject entity, please call the Enforcement and Investor Protection Department (EIPD) at telephone number 8818-6047 or email at [emailprotected] or visit the EIPD at Ground Floor, North Wing Hall, Secretariat Building, PICC Complex, Pasay City. For the guidance of the public. Pasay City, June 9, 2020.