The conference call by management was very, very upbeat about how Petrolifera has a lot of potential in 2010 with it's drilling locations in Colombia and its land position in Peru. In fact the latest presentation is entitled "A Company With Vast Potential" on Petrolifera's website: http://www.petrolifera.ca/documents/pres/PDP-2009-10-Winter_final.pdf However, at present Petrolifera has a limited amount of cash,, about $55 million, and it is going to spend about $20 million of that paying down debt. Management is counting heavily on attracting industry partners to farmin on exploration in Peru (due to the high exploration costs), it is looking for partners to farmin on specific wells in Colombia ..ex...La Pinta 1X, La Pinta 2X, La Pinta 3X, Brillante 1X possibly. What we do know is that Petrolifera has been searching for farmin partners for 2 years and as yet not one has been turned up to partner with Petrolifera to drill in either Colombia or Peru. Not very confidence inspiring to date.

Petrolifera also stated that it wants to attract farmin partners to take approximately 50% positions in each of its various producing properties in Argentina. Petrolifera has attracted one farmin partner so far, for 25% of Vaca Mahuida in Argentina to date but the disclaimer in the Presentation states: "Subject to a farm out agreement whereby the farmee can earn a 25% working interest in the lands upon the satisfaction of an established work program. Petrolifera currently holds 100% interest in these lands as the requirements for the farmee to earn its working interest have not been satisfied." on page 12.

So, the ball is squarly in managements hands to develop Petrolifera's "Vast Potential" in 2010. If the workover of the La Pinta 1X well is a success we know that the share price can qo way up in value overnight. However, Petrolifera's $53 million dollar Capital budget for 2010 with the "expectation" by management that half of that money will come from farmin partners is a great leap of faith for shareholders. Right now there is little interest in the marketplace for Petrolifera shares. Few insitutions own them and no analyst on BNN has mentioned Petrolifera in over year on the program. The market is basically saying to management "prove it". This is the situtation that management has been in for the last year and at the end of the Conference Call and after reading it's latest presentation you will all agree that management needs to "prove it". With all that said, would I buy more shares in Petrolifera? Yes, because high quality oil has been found in La Pinta 1X already. The question, as always is, how much money is it going to take to get it out? As always do your own D&D.

Best Wishes; Scott