Friday, July 17, 2009
Petrolifera CEO Refutes Insider Sale Claim
The information posted on Stockhouse Bullboard
as show below is false according to CEO,
I have posted the relevant quote from the email`
and I quote Mr. Gusella
`No insider sold stock. Your information is incorrect based on the advice of counsel. All insiders of the company are in a blackout and have been for a protracted period of time. Any information provided suggesting there was an insider selling is wrong.
A former director may have sold stock and continued to be listed as an insider - that would have been related to exercise of options within 90 days of leaving the board. But such a person is no longer an insider and is not privy to any inside information.
You only lose money if you have sold. If the stock is down I suspect it will come back. Most analysts wrote today suggesting short term weakness but with healthy targets including some in the $3 plus range awaiting results form the La Pinta well which have not yet been released as testing is not yet complete.
I am obligated to issue the release based on our decision not to sell Argentina as there were no "acceptable" bids - there were many bids. We operate on the basis of full, plain, true, timely and material releases based on reliable information after due review by counsel and our technical and financial staff. I have no conclusive information yet about the La Pinta well so it is premature to conclude we cannot find oil in Columbia (sic).
We could have sold our business in Argentina but we chose not to.
Investors sold 792,800 shares and investors bought 792,800 shares.
We have not had a losing quarter. The stock market perception of our business has resulted in lower share prices but you will recall there were profound negative impacts from Argentina freezing the oil price.`` Richard Gusella CEO
I have searched for Insiders Buy/Sells,
I see nothing that shows Insiders dumping
Be careful of shorts on Stockhouse,
they just want to take your shares.
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