Petro Rio S.A. HRTPF

RE: Peter O'Brien

[powerwalker]

Peter O'Brien's résumé states that he was CFO at Rosneft (no dates on HRT website, however, as to when he was).

He might be the lead negotiator or advisor in the discussions with Petrobras, Rosneft and the government on the Amazon pipeline for the NG.  He definitely would understand the $$ aspects of what is being discussed and know some of the other players.

As to the hedgies, my view is that they see a seriously under-valued asset with enormous potential and are willing to risk their money that the potential will be realized.  They believe this investment has the makings of a profitable return that has 4 or 5 numerals before the % sign (as in xx,xxx%), not a measly 2 or 3.  What better way to bag more clients and more funds than to claim, "... our $20 million investment in HRT GREW to $2 BILLION in less than x years ..."  I don't agree with their trading practices, but I think their goal is the same as ours ... make a boat load of $$$.

P.S. Blame for the AGM snafu falls on Mello and HRT's lawyers for not postponing the meeting for a month to allow timely processing of the proposed changes and respective voting.  Overall, the performance by HRT's administrative teams (legal, IR, HR and accounting) has been less than adequate.