Arete Industries, Inc. Brings Key Professional and Industry Expertise into its Oil and Gas Subsidiary.NIWOT, Colo. -- Colorado Oil and Gas, Inc. Appoints Three New Directors and Three Oil and Gas Industry and Financial Consultants to its Management Team Arete a·rête n. A sharp, narrow mountain ridge or spur. [French, from Old French areste, fishbone, spine, from Late Latin arista, awn, fishbone, from Latin, awn. Industries, Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). : ARET A`ret´ v. t. 1. To reckon; to ascribe; to impute. ) announced today that its subsidiary, Colorado Oil and Gas, Inc. (COG), has appointed three new outside directors, and appointed two oil and gas industry professionals and a CPA (Computer Press Association, Landing, NJ) An earlier membership organization founded in 1983 that promoted excellence in computer journalism. Its annual awards honored outstanding examples in print, broadcast and electronic media. The CPA disbanded in 2000. with oil and gas, securities and tax expertise, as professional advisors and consultants to drive its new oil and gas acquisition and development project in Eastern Colorado. Arete also announced acquiring an additional equity interest in its Colorado Oil and Gas, Inc. subsidiary, bringing its total interest to 85%. William Stewart William Stewart may refer to:
Mr. Davis, with over 25 years' experience in oil and gas drilling and operations, is owner of DNR See dynamic noise reduction and domain name resolver. Oil and Gas Company. Mr. O'Connor, who will serve as the Company's Financial Expert and Audit Committee Chairman, is a licensed CPA who comes from the Commercial Real Estate development business, and will bring financial acquisition and project development expertise to the Company's board of directors. Mr. Phillips, an oil and gas attorney and landman with extensive experience in oil and gas operations, mineral title and lease evaluation, and property acquisition and divestiture The breakup of AT&T. By federal court order, AT&T divested itself on January 1, 1984 of its 23 operating companies, which became known as the Regional Bell Operating Companies (RBOCs). project, will round out the collective oil and gas and project development expertise on the board. Mr. Dickinson is a Consulting Petroleum Engineer with over 23 years of oil and gas industry experience. He will provide economic evaluations and reserve estimates for the Company's current and future oil and gas acquisition and development operations. Mr. Sweeney Mr. Sweeney (played by Don Creech) is Ned and Moze's evil science teacher in Ned's Declassified School Survival Guide, whose character has been toned down a bit since season one. He treats his students rather harshly, and many consider him insane. , with over 23 years' experience as an Independent Petroleum Geologist in numerous Rocky Mountain, Mid-Continent and other major U.S. oil-producing regions, has a strong entrepreneurial en·tre·pre·neur n. A person who organizes, operates, and assumes the risk for a business venture. [French, from Old French, from entreprendre, to undertake; see enterprise. bent and, as a deal evaluator and prospect generator, will assist the Company develop the current project and help the Company make future strategic acquisition and development decisions. Mr. Prosser, who also serves as outside director and Financial Expert of the Arete Board of Directors and chairman of its Audit Committee, will provide critical corporate finance, oil and gas accounting and deal structuring input to the Company as it executes its roll out as an independent oil and gas producer. As announced on May 23, 2005, Colorado Oil and Gas has agreed to purchase thirteen producing oil and gas wells with in-fill development potential for up to 5 additional wells, including one re-completion in a new producing zone of an existing well, located in 9 different producing oil and gas fields and in various producing horizons of Colorado's DJ basin and the northern end of the Hugoton Embayment located across the eastern half of Colorado. The Company has set the Closing date to purchase the project at June 15, 2005, subject to a 15-day extension. About the Company Arete Industries, Inc., a development stage company, is a publicly traded holding company with several subsidiaries. Its subsidiary, Colorado Oil and Gas, Inc. ("COG"), was formed to pursue the acquisition of certain small producing oil and gas properties in eastern Colorado in November of 2004, when these properties were identified for possible acquisition. If the current project described in previous releases is acquired and developed, it is the intent of the Company to spin-off The situation that arises when a parent corporation organizes a subsidiary corporation, to which it transfers a portion of its assets in exchange for all of the subsidiary's capital stock, which is subsequently transferred to the parent corporation's shareholders. COG to the Company's shareholders so that it can operate as an independent company. The Company also owns a majority interest in Aggression Sports, Inc. dba Arete Outdoors, an outdoor sports equipment manufacturing company that has been inactive in·ac·tive adj. 1. Not active or tending to be active. 2. a. Not functioning or operating; out of use: inactive machinery. b. since 2001. The Company is currently looking to sell this subsidiary or liquidate To pay and settle the amount of a debt; to convert assets to cash; to aggregate the assets of an insolvent enterprise and calculate its liabilities in order to settle with the debtors and the creditors and apportion the remaining assets, if any, among the stockholders or owners of the its assets. The Company continues to seek other business acquisitions. Statement as to Forward-Looking Statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. 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 or COG'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, COG's inability to meet the conditions to acquiring its current project including providing financing to pay the purchase price or discovery of material title or environmental defects that cannot be resolved; the volatility in commodity prices for oil and gas, the presence or recoverability of estimated reserves, the ability to replace reserves, environmental risks, drilling and operating risks Operating risk The inherent or fundamental risk of a firm, without regard to financial risk. The risk that is created by operating leverage. Also called business risk. , exploration and development risks, competition, government regulation or other action, the ability of management to execute its plans to meet its goals and other risks inherent in their businesses that are detailed in their Securities and Exchange Commission ("SEC") filings, including the Current Report on Form 8-K Form 8-K The form required by the SEC when a publicly held company incurs any event that might affect its financial situation or the share value of its stock. Form 8-K See 8-K. filed May 23, 2005, relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the purchase agreement referred to herein. |
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