Petrolifera Petroleum Limited disclosed that its Executive Chairman, Richard A. Gusella, involuntarily sold a significant percentage of his common share holding in Petrolifera since October 3, 2008 in order to meet margin loan calls.
Mr. Gusella has advised the company's Board that he is "very disappointed to have been required to sell any shares of Petrolifera involuntarily but the sales were obviously triggered by the unprecedented deterioration in capital markets triggered by the worldwide credit and ensuing financial crisis. I have been a substantial individual shareholder of Petrolifera since the company was formed in 2004 and recently added to my shareholding position through a considerable dollar value purchase of additional shares from the company's last new issue in June 2008, at much higher prices than today. My confidence in Petrolifera and its outlook obviously remains undiminished and I anticipate again adding to my holdings as circumstances permit in the future."