Connacher owns nearly 25% of Petrolifera. Petrolifera will soon test its new discovery in Columbia. In Petrolifera's last quarterly report they stated that it may be a "significant" discovery. They are planning to sell their Argentina assets to concentrate on Columbia and Peru. The testing and the sale are all supposed to take place in June. Is Connacher's issing new shares at this time just a coincidence? Petrolifera was selling for over $20 per share a little over a year ago. If their Columbia discovery is as good as they seem to indicate, the share price could quickly go back to that level and could go much higher.

If you read Petrolifera's report carefully and their website they talk about the discovery of previously unknown large structures that might indicate the present of a large oil/gas field on the western edge of block 107. That is why they are acquiring block 133 so that they have the entire structures under license. The potential in Columbia and Peru is huge! Why do you think that Gusella is hanging on to their shares so strongly? He's also the CEO of Petrolifera and knows its potential! I really believe that he knows that if Connacher can weather the current economic storm, the value that Connacher has in Petrolifera will be able to cover all current debt and then some.

I've also taken quite a beating by holding on to Connacher's shares but I still think in the long term those who hold on will fair extremely well!

Martin