ARPETROL LTD V.RPT

of course

[westcoast1000]

We all wish the price were higher. But let us think further: we had big source of income, the processing plant, and the companies who needed to process wanted to buy our plant. They could wait longer than us. They are bigger and had more money. One could say they needed our plant and we could hold out, but their alternative was to build their own plant, which they will have to do in the future in any case for more capacity.

So they delayed for a year after their announcement of development of the southern fields, keeping us on tenterhooks, until finally their pressure won out and we sold for .60 instead of say 1.00 or 1.20.

I am happy to move on. I need to buy income producers, and had hoped this would turn into a mid-stream company. But looking at companies like VSN, I can get mid-stream production and high income right here in North America at current prices.

[JRParker]

I agree. 60 cents is disappointing but I think it is good given the market conditions. V.PMI and V.PTA have recently sold out for 1/4 of what they were worth 2 years ago. RPT has sold for more than 150% of its value 2 years ago even in these market conditions because it was a great investment. Perhaps we could have waited until market conditions improved and received more, but the same result can