his representations were based solely upon and confined to the content of the prospectus and the past earnings of the Fund.
In either case, shortly after talking to Stein, and three days prior to the deadline for investment in the program, on December 17, 1971, Mr. Eichen purchased $75,000.00 worth of partnership interests in the Fund's 1971 year-end drilling partnership.
As a condition to the purchase of the partnership interest Mr. Eichen was required to sign a suitability letter which again warned of the risks of the investment. In California, the Commissioner of Corporations imposes the highest suitability standards for oil and gas programs and pursuant to those requirements the letter made specific reference *827 to the uncertainty and speculative nature of the Fund.
Three days later Mr. Eichen invested insummer of 1972. At that time Mr. Carney again approached the plaintiff with respect to a possible investment in one of the Fund's 1972 tax shelter programs. The two individuals travelled together to the Fund's home office and were given a complete tour of the drilling operation. During the visit, the extent and nature of the investment of the funds of the partnership in which Mr. Eichen was associated was explained. He was advised that the program was not going well and that significant losses could reasonably be expected. He was further told that his partnership owned a significant portion of a gas well known as the Sarver Number One. The employees indicated that the eventual success of the program was tied to the outcome of this one