PDP Ready To Sell Argentina?

Petrolifera updates Colombian and Argentinean drilling activity
3/4/2009 5:03 PM - Canada NewsWire

CALGARY, Mar 4, 2009 (Canada NewsWire via COMTEX News Network) --

Petrolifera Petroleum Limited (PDP - TSX) announced today that the La Pinta 1 well on its 100 percent owned Sierra Nevada License in Colombia has reached a depth of approximately 8,300 feet and that preparations are underway to run an intermediate casing string, as scheduled. The wellbore is being conditioned after a logging run and then the casing string will be run. 

Petrolifera is encouraged by results thus far in the drilling of the La Pinta 1 well, based on hydrocarbon shows and the results of logs. Drilling of the well is running approximately 20 days behind schedule due to occasional mechanical issues with the rig and slow penetration rates through certain zones.

In Argentina, Petrolifera recently commenced drilling of its first exploratory well, PPEA.LP.LS.x-1, on its Gobernador Ayala II Concession located in La Pampa Province.

The well is licensed to be drilled to a depth of approximately 1,000 meters and is being drilled on a 3D seismically-defined prospect for heavy crude oil. 

Source

Argentina Sales Process

Petrolifera also announces that its Board of Directors has authorized the company to enter in to an engagement agreement with Tristone Capital ("Tristone") of Calgary, Houston, Buenos Aires and London, whereby Tristone would immediately commence to establish a data room, which will be made available to qualifying companies. Tristone will assist Petrolifera in the sale of Petrolifera's interests in Argentina, which are primarily indirectly held by a wholly-owned Barbadian subsidiary. 

It would be Petrolifera's intention to sell its interests in a tax effective manner and to redeploy the proceeds in its high-potential exploration activities in Colombia and Peru, after discharging related outstanding long-term indebtedness. While Petrolifera recognizes continuing potential associated with its extensive Argentinean assets, both from an exploratory and exploitation perspective, it is the opinion of management and the company's Board of Directors that the company's holdings in Colombia and Peru have greater identified growth potential. 

Petrolifera's desire is to sell its Barbadian subsidiary and related assets as a going concern, with view to the purchaser providing continuing employment to the company's managerial, technical and operating staff to the fullest extent possible. 

Arrangements are contemplated to ensure fair and appropriate treatment under prevailing employment law to both continuing and redundant employees and contractors, should the prospective purchaser not require all of Petrolifera's current Argentinean employees and contractors on a continuing basis. 

Source

Be sure to review the webcast, the stock is climbing on this rumour

Petrolifera Petroleum Limited (TSX: PDP.)
   Annual General Meeting Webcast
   May 6, 2009, 3:20 PM MT/5:20 PM ET
   To listen to this event, please enter 

in your web browser.
http://www.newswire.ca/en/webcast/viewEvent.cgi?eventID=2619540 

Ontario Premier Dalton McGuinty Needs To Hear From You Too!

As a concerned taxpayer I feel it is important to have you all understand what the new HST (Harmonized Sales Tax) or "blended tax" means to Ontarian's.

It amazes me that this announcement has slipped by without a ripple, and yet when I tell people about the impact to them they are all shocked.

The intended purpose is to blend the GST and the PST into one tax.. This will cut down the paperwork burden for Ontario businesses and, in theory, lessen staff by merging both departments. This could be a noble attempt to cut costs. There is just one problem. Rather than just blending the products and services that now charge both taxes, the provincial government has decided that it will apply this new tax to almost all goods and services that you do not pay PST on now!

You are about to become the victim of the largest tax hike in our history.

How will this affect you? 

Let's start with just a few things that are to be charged the extra 8% and see if it will affect you or your family.

Gasoline

Home heating fuel

Water

Hydro

Used cars

Government and city services

Real Estate Fees - if you think 5 or 6% is bad, just watch the market decline further when people now pay PST + GST

Any service you now use for your home or business such as repairs, professional services of any kind, construction materials etc.

These are just a few.

See this article about how the $1000.00 BRIBE they are offering will not even cover ½ of the increased cost to the average family.


This tax hits Ontarians hard, but ESPECIALLY the low income ones! They will have an 8% increase in everyday life, and yet you will not see their benefits or salaries rise.

http://www.digitaljournal.com/article/269917

Actually almost everything currently without PST in your life - except child's clothing, prescriptions, diapers, and feminine hygiene products - will now cost you 8% more. Oh and here is a kicker. The fuel tax will slide with the increasing cost of that fuel.

Our premier is counting on taxpayers to do what they always do when a new tax is added.Nothing! It is very important that you start to research and discuss this with your friends and family. It is not too late to stop this if you are willing to do something as send an email to the premier asking him either to a) stop the tax grab all together or b) do what was originally intended and blend the tax on the products that now have both taxes and not to extend the new tax to everything else. If you just sit there remember you lose the right to complain about taxes ever again. Get UP and start telling everyone about this injustice and we can stop this today. Don't think your email will not count. When most MP's get more than 10 emails, they consider it a catastrophe!

Send your objection to:

http://www.premier.gov.on.ca/feedback/feedback.asp



If you do nothing, you lose your right to complain.