Basic Energy Corporation Announces Ramon F. Villavicencio Steps Down as Chairman of the Board

Basic Energy Corporation is a Philippines-based holding company with diversified business interests in various fields of renewable energy and alternative fuels, wholesale and distribution of petroleum products, and in oil and gas exploration and development. The Company operates through downstream oil operations segment, which particularly includes the sale of petroleum products. The Company’s wholly owned subsidiaries include Basic Diversified Industrial Holdings, Inc., which is an investment holding company; IBasic, Inc., which is an information technology management company and service integrator; Basic Biofuels Corporation, which is a developer of biofuels; Basic Renewables, Inc., which is engaged in renewable energy; Mabini Energy Corporation, which holds the wind energy service contract for the development of a wind energy project in Mabini; Southwest Resources, Inc., which is engaged in oil exploration; Grandway Group Limited.