The Board of Directors of Basic Energy Corporation, acting upon the recommendation of its Nomination Committee, had nominated and elected its new Chairman in the person of Mr. Ramon F. Villavicencio. Currently, Mr. Villavicencio serves as a director in San Miguel Corporation and Bioenergy 8 Corporation. He is also the Chairman of the Board of Directors of Insular Oil Corporation; the Independent Philippine Petroleum Companies Association (IPPCA) and served as the former President of the Philippine Venezuelan Economic Council from 2011 to 2012.