Oriental Petroleum and Minerals Corporation (OPM) was incorporated on December 22, 1969 with the purpose of exploring, developing and producing petroleum and mineral resources in the Philippines. OPM has three wholly owned subsidiaries, namely, Oriental Mahogany Woodworks, Inc., Linapacan Oil Gas and Power Corporation, and Oriental Land Corporation. As an exploration company, OPM's operational activities depend principally on its Service Contracts (SCs) with the government. OPM's petroleum revenues and production and related expenses are derived from SC 14, which is composed of four blocks, namely, A (Nido), B (Matinloc), C (Galoc & West Linapacan) and D. Of these blocks, only blocks A & B are in operation. As of December 31, 2008, OPM was involved in exploration undertakings in areas covered by SC 6, SC 14 and SC 41, through a consortium effort with the Department of Energy. Source: SEC Form 17-A (2008)