Reaffirms Commitment to Consumers

SEAOIL, the leading independent oil company in the country, plans to raise between Php 2.5 and 3 billion through an initial public offering in the first quarter of 2008, its top executives announced today.

SEAOIL President and Chief Executive Officer Francis Glenn L. Yu said in a news conference that given the bullish economy SEAOIL's listing in the Philippine Stock Exchange is "in line with our vision of strongly and consistently serving Filipino consumers even in far-flung areas of our archipelago."

"SEAOIL stands on its strong growth record over the past years as evidenced by our robust network of 154 gas stations. We have also established strategically located storage facilities for our array of top quality finished products, to serve our nationwide franchisee station network," the SEAOIL CEO said.

SEAOIL Chief Financial Officer, Mark L. Yu added that "through our IPO, Seaoil is envisioned to continue its exponential growth with a lasting commitment to champion the interests of Filipino consumers, while continuing to offer world class products and services.

Proceeds of the IPO will be used to expand our retail network and develop more cost-efficient operations. SEAOIL tapped the services of a formidable team for its IPO: Joel C. Valdes and Associates as financial advisor, Punongbayan and Araullo as accounting and tax advisor, and Herrera, Teehankee, Faylona, and Cabrera as legal counsel.

In addition, SEAOIL has mandated SB Capital Investment Corporation and Multinational Investment Bancorporation as Joint Issue Managers and Joint Lead Underwriters. Other members of the Investment Houses Association of the Philippines (IHAP) which includes AB Capital and Investment Corporation, Investment and Capital Corporation of the Philippines, Philippine Commercial Capital, Inc., and Unicapital, Inc. complete the Underwriting Syndicate.

"SEAOIL has already filed its application with the Securities and Exchange Commission for the increase of our authorized capital stock to PhP 1 billion," the firm's CFO said.

Apart from its nationwide network of gasoline stations, SEAOIL is a pioneer in biofuels and is a leading provider of superior lubrication systems that are custom engineered to fit the exact requirements of its customers.

In 2006, SEAOIL was adjudged Outstanding Filipino Franchise by the Department of Trade and Industry and the Philippine Franchise Association.