CALGARY, June 4 /CNW/ - Petrolifera Petroleum Limited (PDP - TSX) announces today that Mr. Andrew (Andy) Gustajtis has been appointed a Director of the company with immediate effect. This brings the composition of the Board of Directors to eight, with six independent members.
Mr. Gustajtis lives in Toronto, Ontario and holds a B.Sc. (Honors) degree (1972) from the University of Waterloo and a Masters of Science in Geology (1978) from Dalhousie University. He has worked in the investment industry since 1978, primarily focused on the oil and natural gas industry and recently with an emphasis on companies engaged in international activity outside of Canada.
Consistent with his business experience as a financial analyst and investment banker and having regard for his educational background, Mr. Gustajtis has been appointed to Petrolifera's Audit Committee, replacing Mr. Don Barkwell, to the company's Reserves Committee, replacing Mr. Gerrit Maureau and has been added to the company's Human Resources Committee. These changes and assignments reflect the Board's desire to distribute the burden of work at the Committee level among the company's non-management directors while capitalizing on individual expertise in key areas of the business.
Petrolifera Petroleum Limited welcomes Mr. Gustajtis to its Board and looks forward to his contribution to the continuing growth and success of the company.
Petrolifera is a public Canadian crude oil and natural gas company based in Calgary, Alberta. Its principal holdings are in Argentina, Colombia and Peru. The company anticipates an active capital program in excess of $100 million in 2008. Common shares are listed on the Toronto Stock Exchange under the symbol PDP.