Arete Industries, Inc. Announces Information Updating Current Activity
August 16 2011 - 7:50AM
Arête Industries, Inc. (OTCQB:ARET) announces the status of its
purchase of oil and gas properties, potential financing, and change
of auditors.
On July 29, 2011 Arête signed an Amended and Restated Purchase
and Sale Agreement which it agreed to pay $11,000,000 for the
purchase of certain oil and gas operating properties in Colorado,
Kansas, Wyoming, and Montana and as part of that agreement it
provided for a $3,700,000 payment on August 15, 2011. The parties
have agreed to extend the payment due date to August 31, 2011.
Arête will be filing a 8-K/A related to this agreement and a copy
of the amendment to the Purchase and Sale Agreement will be
attached to that filing.
On August 9, 2011, the Arête Board of Directors dismissed Ronald
R. Chadwick, P.C., as Arête's independent registered public
accountants and approved the engagement of Causey Demgen &
Moore, Inc. to serve as the independent registered public
accountants for the fiscal year ending December 31, 2011. Causey
Demgen & Moore, Inc. was engaged on August 9, 2011 and will
begin with its "review" of the June 30, 2011 financial statements
being prepared in conjunction with the filing of the Form 10-Q.
Arête will be filing a form 12b – 25 with the SEC for an extension
of time to file the Form 10-Q due on August 15, 2011. Arête has no
accounting disagreements with Ronald R. Chadwick, P.C.
Donald W. Prosser, Chairman and CEO of Arête Industries, Inc.,
said, "We are working diligently and look forward to closing the
Amended and Restated Purchase and Sale Agreement. In anticipation
of the closing of this transaction, we made the move to a larger
auditing firm with an oil & gas background."
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About the Company
The Company is the operator of a gas gathering system and has an
agreement to purchase oil and gas properties in the Rocky Mountain
Region of the United States. For additional information on the
Company visit our website at http://www.areteindustries.com/
Statement as to Forward Looking Statements.
Certain statements contained herein, which are not historical,
are forward-looking statements that are subject to risks and
uncertainties not known or disclosed herein that could cause actual
results to differ materially from those expressed herein. These
statements may include projections and other "forward-looking
statements" within the meaning of the federal securities laws. Any
such projections or statements reflect Arête's current views about
future events and financial performance. No assurances can be given
that such events or performance will occur as projected and actual
results may differ materially from those projected. Important
factors that could cause the actual results to differ materially
from those projected include, without limitation, whether the
Company will be able to arrange for adequate financing of
$10,100,000 million to close its planned acquisition of oil and gas
properties, the Company's dependence on its management, the
Company's lack of capital, changes in prices for crude oil and
natural gas, the ability of management to execute plans to meet the
Company's goals and other risks inherent in the Company's
businesses that are detailed in the Company's Securities and
Exchange Commission ("SEC") filings. Readers are encouraged to
review these risks in our SEC filings.
CONTACT: Arete Investor Relations
Gerald Kieft
The WSR Group
772-219-7525
IR@theWSRgroup.com
http://www.WallstreetResources.net/Arete.asp
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