Alcorn Gold Resources Corporation (APM) was originally incorporated on January 19, 1988 as Alcorn Petroleum and Minerals Corporation with the primary purpose of engaging in the exploration, development and production of oil and gas, and metallic and non-metallic reserves in partnership with other companies or in its individual capacity. On January 13, 2000, the Securities and Exchange Commission (SEC) approved the amendment of APM's primary purpose from an oil and mineral exploration and development corporation into a holding company. The SEC also approved the company's change of name to Alcorn Gold Resources Corporation. APM participates as a major or minor partner in several consortia exploring for oil in various petroleum concession areas. The concession areas are found in offshore and onshore areas of Palawan, the Visayas region, and the island of Mindanao. Among the company's oil interests is Service Contract 14 (SC 14) North West Palawan, which is considered as the largest oil discovery in the Philippines' petroleum exploration history, with more than 48 million barrels of oil produced from its wells. However, in December 1995, the consortium decided to temporarily suspend production operations in the West Linapacan Oilfields of SC 14 due to high production costs, low production levels and low prevailing price of oil. Since the oil production suspension, APM had no principal products or services for the past three years indicating the relative contributions to sales or revenues of each product or service. The company also has a 1.531% interest in the Galoc oil field. In 2008, the Galoc oil field, which is within the SC 14 area, commenced production headed by its operator, Galoc Production Corp. (GPC). However, APM has to wait for its share in oil proceeds until GPC recovered its capital expenditures amounting to US$141 million. Source: SEC Form 17-A (2008)