PERC was organized in 1994 as Petrotech Consultants, Inc., a wholly-owned subsidiary of Petrofields Corporation, with the purpose of providing specialized technical services to companies exploring for oil in the Philippines.
Early in 1999, in line with a corporate re-structuring carried out to rationalize its business initiatives, Petrofields transferred to PetroTech (renamed to what is now PetroEnergy Resources Corporation [PERC]) all its assets including cash, properties and its oil exploration contracts through an asset-for-share arrangement. On May 31, 1999, the Securities and Exchange Commission (SEC) approved the increase of capital of PERC to One Billion Pesos. On June 25, 1999, the Department of Energy authorized the assumption by PERC of the Philippine oil exploration contracts. Likewise, the Ministry of Energy of Gabon has also been duly notified of the transfer to PERC of Petrofields' Production Sharing Contract covering the Etame discovery block in offshore Gabon.
On May 23,2003, SEC approved the reduction of the company's authorized capital stock to 330 Million Pesos and the corresponding decrease in outstanding capital stock to 84 Million Pesos.
PetroEnergy was listed on August 11, 2004 and currently trading at the Philippine Stock Exchange.
