Arete Industries, Inc. Closes Acquisition of Oil & Gas Properties
October 03 2011 - 7:50AM
Arete Industries, Inc. (OTCQB:ARET) today announced it has
completed the oil and gas property purchase by making the final
payment to the sellers under the Purchase and Sale Agreement dated
July 29, 2011, but effective April 1, 2011. The payment was made on
September 30, 2011 as part of the extension agreement dated
September 16, 2011. The final payment was approximately $5,120,000.
The Company also announced it broke escrow on its funding
commitment for the minimum of $5,200,000 to close the Purchase and
Sale Agreement.
Donald Prosser, Chairman and Chief Executive Officer of Arete
Industries, Inc. commented, "By closing on the acquisition of these
oil and gas assets we will complete our review of the properties
and drilling opportunities. We will also begin the process of
applying for listing on a major exchange."
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About the Company
The Company is the operator of a gas gathering system and holds
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 Arete'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, 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
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