The Department of Energy (DoE) has approved the transfer of Geothermal Renewable Energy Service Contract No. 2010-02-012, dated 1 February 2010, from PetroEnergy Resources Corp. (PERC) to Maibarara Geothermal Inc. (MGI).
MGI was organized to undertake integrated development and operation of the Maibarara power project located in Sto. Tomas, Batangas.
Trans-Asia Oil and Energy Development Corp. (PSE: TA) owns 25% of MGI.