PXP Energy turns P561-M debt into Forum shares

MANILA, Philippines – PXP Energy Corp., an upstream oil and gas firm, will convert about P561 million in loans into equity in subsidiary Forum Exploration, Inc. (FEI) to trim debt. For this purpose, 561 million in new common shares, priced at P1 apiece, would be issued to Forum Energy Philippines Corp. (Fepco). Once completed, Fepco’s