Section 2
SEC. 2. All holders of valid and subsisting petroleum exploration concessions or published petroleum exploration concession applications under the Petroleum Act of 1949, as amended, shall convert their concession or concession application to a service contract under the terms and provisions of Presidential Decree No. 87, either alone or with any local or foreign oil company or companies within a period of one (1) year from the effective date of this Decree. Any concession or concession application not so converted for any cause within the said one (1) year period shall be deemed automatically cancelled and the area covered thereby shall become part of the National Reserve Area.