Seafront Resources Corporation (SPM) was originally incorporated on April 16, 1970 as an oil exploration and production company. On October 18, 1996, the company changed its primary purpose from engaging in the business of oil exploration and production into a holding company, with oil exploration and production business as one of its secondary purposes. SPM has an investment of P100 million with about P30 million payable upon call of subscription payment to Hermosa Ecozone Development Corporation (HEDC), a corporation which will develop certain land areas for mixed use purposes in Bataan. The Hermosa project has industrial, leisure and commercial centers for locators, which make it a self-contained community. Source: SEC Form 17-A (2008)