Imperial Resources, Inc. (the Company) , was incorporated in the Philippines in 1969. Original capitalization was Php 100 million, (1969 USD1 = Php4) , par value of a common share is one centavo, (Php.01). The company was formed primarily to conduct oil and mineral exploration. In 1970, it was listed in Philippine Stock Exchange. 70% of the shares are reserved for ownerships by Filipinos (“A” shares) and 30% may be owned by either foreigners or Filipinos (“B” shares). Oliverio G. Laperal was the founder and still is the President/CEO until the present.
The company obtained the petroleum concession exploration application for about 200,000 hectares for offshore exploration in the South Sulu Sea, Philippines. The company held a minority position in twelve offshore wells that were drilled involving six service contracts with three different foreign oil companies. Three offshore wells were drilled with Atlantic Richfield (Arco) of California, three offshore wells of Sun Oil of Oklahoma. Six offshore wells were drilled with Standard Oil of Indiana (Amoco) in the Reed bank area in a concession of about 2,000,000 hectares. Only traces of oil and gas were discovered deeming it non-commercial. Subsequently, the company closed the oil exploration project.
From 1979 until 1999, the company was dormant, when it changed its primary purposes to focus on information technology-related business. Also in 1999, Imperial Resources acquired 99% of Philippine Cyber College (PCC). PCC was accredited by Cisco in 2000 and by Microsoft, Oracle and Sun Computers in 2001. Education facilities are located in Baguio and Malolos, each with an enrollment of 40-60 students and class sizes limited to about 15 students. All potential students undergo rigorous online entrance exams to ensure high quality students. The school’s objective is to produce small number of extremely high quality graduates each year. All graduates have multiple job offers waiting for them upon graduation, both in the Philippines and abroad. The schools are non-profit.
In 2000 the company became interested in Asphalt, bitumen and oil sands. In 2001 Mr. Oliverio G. Laperal visited Suncor and Syncrude mining operations in Canada at Ft. McMurray in Saskatchewan. In 2006 the company has been looking for potential interests in coal and asphalt-bitumen deposits in the Philippines and Indonesia
During the mid 1960’s , Mr. Laperal was President of a precedent Philippine oil exploration firm, Pacifica, Inc. The senior partner of Pacifica in offshore oil exploration in the Philippines was Societe Nacionale des Petroles Aquitaine (SNPA). 27 offshore wells were drilled by SNPA in offshore Northern Sabah, resulting in two offshore discoveries rated at about 5000 bpd each. SNPA subsequently decided the discoveries non-commercial and closed the project
In the past three years the company has been reporting about its interest in going into coal and asphalt mining. In 2005, the company was offered a coal mining property in Indonesia. Some preliminary studies and evaluation of the mining property have been done. Initial findings were encouraging. Exploratory talks were conducted. After several visits made by the President, it was discovered that the partners-to-be has business practices that are very much different from that of the company. To date the lease is not perfected and many items are still in negotiation. In the meantime, as an alternative, in one of the President’s visit to Indonesia in 2006, he has established contact with another new potential partner for a different mining property. He also visited a portion of this property and looks forward to the business opportunities it has to offer. At present, the company’s interest in coal and asphalt remains high.
In September 2000, the Securities and Exchange Commission approved the change of par value of shares of the company from Php.01 to Php5.00.