CALGARY, Oct. 13 /CNW/ - Petrolifera Petroleum Limited (PDP - TSX) today
disclosed that its Executive Chairman, Richard A. Gusella, involuntarily sold
a significant percentage of his common share holding in Petrolifera since
October 3, 2008 in order to meet margin loan calls.
Mr. Gusella has advised the company's Board that he is "very disappointed
to have been required to sell any shares of Petrolifera involuntarily but the
sales were obviously triggered by the unprecedented deterioration in capital
markets triggered by the worldwide credit and ensuing financial crisis. I have
been a substantial individual shareholder of Petrolifera since the company was
formed in 2004 and recently added to my shareholding position through a
considerable dollar value purchase of additional shares from the company's
last new issue in June 2008, at much higher prices than today. My confidence
in Petrolifera and its outlook obviously remains undiminished and I anticipate
again adding to my holdings as circumstances permit in the future."
Petrolifera Petroleum is a Calgary-based crude oil and natural gas
exploration and production company engaged in activity in Argentina, Colombia
and Peru, all in South America.
For further information:
For further information: www.petrolifera.ca, email@example.com