Arete Industries, Inc. Declines Deal to Buy Three Prospects in Texas and Oklahoma.NIWOT, Colo. -- Company Will Focus on Near Term Acquisition of Smaller Deals to Establish Sustainable Revenue 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 its withdrawal from an arrangement to purchase three oil and gas drilling, re-entry RE-ENTRY, estates. The resuming or retaking possession of land which the party lately had. 2. Ground rent deeds and leases frequently contain a clause authorizing the landlord to reenter on the non-payment of rent, or the breach of some covenant, when the and re-work prospects located in Texas and Oklahoma after its consultant notified the Company that none of the three prospects had met their client's funding criteria. Thomas P. Raabe, Arete CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , stated: "After an in-depth evaluation of the technical data provided by the seller for the prospect, it was determined that the prospects present greater risk than the funding sources represented by our consultants are willing to accept, and the board has determined not to pursue other avenues for financing these deals." "We remain committed to traditional and renewable energy Renewable energy utilizes natural resources such as sunlight, wind, tides and geothermal heat, which are naturally replenished. Renewable energy technologies range from solar power, wind power, and hydroelectricity to biomass and biofuels for transportation. projects in the long term, but have focused our attention on attempting to develop a smaller project to meet the Company's short term needs and allow it to establish a more conservative growth model," continued Raabe. About the Company Arete Industries, Inc., a Colorado Corporation, has taken a new business direction in the Traditional, Renewable and Alternative Energy sectors, initially focusing on drilling, re-entry and reworking projects in known, existing oil and gas fields, utilizing available state-of-the-art oil-field technology. 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. Such risks include the fact that the Company has neither current operations nor a track record in the oil and gas industry, and will require significant infusions of debt and equity to achieve sustainability. Additionally, the Company competes with more established and better funded energy companies for investors and acquisitions of viable prospects, and cannot assure successfully obtaining financing nor being the successful bidder for more attractive development opportunities. |
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