An absolute tactical error was made with Petrolifera was going after the Argentian fields first. As per the norm, when dealing with the corrupt and unethical Argentinians, once oil was hit, the Argentine authorities essentialy nationalized Peroliferas Argentinian venture through the egregious restrictions which capped Petrolifera profitability and seized all in excess. With of course, disastrous impact on Petrolifera market capitalization and resources. From that day forward Petrolifera was constrained from adequate cash flow to fund their other South American concessions.

The Argentinian confiscation resulted in a collapse of Petrolifera profitability, share price and capital resources. Which directly impacted on Connachers balance sheet and constrained Connacher access to reasonable financing costs. From that day forward Petrolifera suffered from chronic capital starvation and therefore was undercapitalized for what they had to accomplish with respect to Colombia and Peru. And Connacher itself was in no position to help financially.

Gusella had South American operations experience from earlier ventures and should have recognized the vulnerability. Another major Gusella failing. Now we are left to dismantlement of what a lot of money, corporate time and effort was spent on. And there are no guarantees due to the structure of the Petrolifera sale. The initial plan of Connacher may have been good. However, the execution and timing of the plan on nearly all fronts was abysmal. Go ahead, give me the normal cold shoulder treatment and make your accusations of my treating Gusella unfairly. However, base your arguments on true facts. For one, I am not impressed!

Brian