The Philodrill Corporation (OV) was incorporated on June 26, 1969 with the primary purpose of engaging in oil, gas and mineral exploration and development. In 1989, realizing the need to balance the risk associated with its petroleum activities, OV changed its primary purpose to that of a diversified holding company while retaining petroleum and mineral exploration and development as one of its secondary purposes. OV maintains investments in petroleum exploration and production, financial services, property development, mining and infrastructure development. The company's active petroleum projects cover production and exploration areas in offshore Palawan and South Sulu Sea and onshore Mindoro under various Service Contracts (SC) and Geophysical Survey and Exploration Contracts (GSEC) with the Philippine government through the Department of Energy (DOE). In the financial services sector, OV is a 40% shareholder of Penta Capital Investment Corporation, an investment house. Penta Capital holds equity interest in several companies such as Penta Capital Finance Corporation, Penta Capital Holdings Corporation, Penta Capital Realty Corporation and Intra-Invest Securities, Inc. In the mining sector, OV holds minor equity interests in Atlas Consolidated Mining & Development Corporation, Vulcan Industrial & Mining Corporation and United Paragon Mining Corporation. Source: SEC Form 17-A (2008)