Very Interesting!

Causes both some observarions as well as questions.

1. This may mean that Algar approval is very near. One would not proceed with plans for increasing MRC by an additonal 25,000BPD until one knew they had approval for the underlying bitumen production

2. With already installed capacity of 10,000 BPD at MRC, this would result in 35,000 BPD at MRC. As a 35,000 combined capacity at MRC,, is this the reason for the now lengthy delay in Algar approval becase they amended the application to 20,000 or 25,000BPD?

3. Obviously, they have great confidence in MRC on a company wide integrated basis to operate profitably, whether as a hedge or on a stand alone basis.

4. Now if they can get Petrolifera going succesfully in Peru and Columbia, we might really have something.

5. Is the plan to tie into a pipeline and transport their own bitumen to MRC for refining?

6. Obviously, the direction they seem to be headed will dictate some heavy capital intensity!

No one can accuse Gusella and staff of thinking small

Brian