The amount of information generated in the Web has grown enormously over the years. This information is significant to individuals, businesses and organizations. If analyzed, understood and utilized, it will provide a valuable insight to its stakeholders. However, many of these information are semi-structured or unstructured which makes it difficult to draw in-depth understanding of the implications behind those information. This is where Ontology-based Information Extraction (OBIE) and social media content analysis come into play. OBIE has now become a popular way to extract information coming from machine-readable sources. This paper presents a survey of OBIE, Ontology languages and tools and the process to build an ontology model and framework. The author made a comparison of two ontology building frameworks and identified which framework is complete.