Arete Industries, Inc. Prepares to Launch $1 Billion Energy Master Fund in $100 Million Tranches.Energy Editors/Business Editors NIWOT, Colo.--(BUSINESS WIRE)--Nov. 10, 2003 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 the development of a $1,000,000,000 Master Energy Fund to be developed in $100,000,000 Closed-Fund increments to focus on both low-risk, undeveloped oil and gas projects and aggressive municipal renewable energy projects. Thomas P. Raabe, Company 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. announced, "We have finalized the negotiations to fund the expenses of attorneys and CPA's in developing our funding documents and expect to be able to begin taking interests in potentially high-revenue producing deals by the first quarter of 2004 and have capped our 'Fund-of-Funds' at the $1,000,000,000 level. We expect to soon be able to announce more details about the complete structure of our Master Energy Fund." "We have targeted stripper wells, shut-in production, capped wells, new in-field development wells, and under-exploited properties as our opportunity to become the next major independent oil and gas producer, while implementing strong conservational policies in our oil and gas production. We look to the future and see renewable energy as the key and we are aggressively going to partner in the conversion of waste into energy, especially LNG LNG (liquefied natural gas): see under natural gas. (liquefied natural gas liquefied natural gas: see under natural gas. Liquefied natural gas (LNG) A product of natural gas which consists primarily of methane. Its properties are those of liquid methane, slightly modified by minor constituents. )," continued Raabe. "We expect to be able to announce more than one 'first-look' deals with domestic and international energy companies who share similar philosophies and believe that our upcoming funding structure will be beneficial to their interests as well," Raabe concluded. 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. Such risks include the fact that the proposed fund or family of funds Family of Funds A group of mutual funds offered by one investment or fund company. Each mutual fund has different characteristics and can range depending on investment objective. Also referred to as a "Mutual Fund Family" or simply a "Fund Family". requires substantial legal and accounting work, including preparation of projections and other disclosures in offering documents, submittal and approval of such documents by governmental authorities prior to marketing, following which significant marketing efforts must be undertaken to sell the funds, none of which is assured. |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion