An unknown buyer acquired a well and lease in Niobrara County, Wyoming from Arete Industries Inc. for $1.1 million.
February 06, 2012 at 12:00 am EST
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An unknown buyer entered into an agreement to acquire a well and lease in Niobrara County, Wyoming from Arete Industries Inc. (OTCPK:ARET) for $1.1 million on January 10, 2012. As part of the agreement, Arete Industries received $1.1 million for its 100% working interest in the oil well and lease and received $0.03 for the oil in the tanks and expenses advanced. Arete Industries retains its 2.6% overriding royalty interest in the assets. Gerald Kieft of The WSR Group acted as public relations advisor for Arete Industries.
An unknown buyer completed the acquisition of a well and lease in Niobrara County, Wyoming from Arete Industries Inc. (OTCPK:ARET) on February 1, 2012.
Arete Industries, Inc. is an independent oil and gas company. The Company is engaged in the acquisition and development of oil and natural gas reserves through a program, which includes purchases of reserves, re-engineering, development and exploration activities primarily focused on Wyoming, Kansas, Colorado and Montana. The Company holds interest in the producing oil and gas leases located in Sumner County, Kansas and Kimball County, Nebraska. It also owns a gas gathering system (pipeline and compressor station related assets) in Campbell County, Wyoming. The system consists of over 4.5 miles of eight-inch coated steel pipeline. The Company also acquires interests in traditional oil and gas ventures and seek properties that offer profit potential from overlooked and by-passed reserves of oil and natural gas, which may include shut-in wells, in-field development, stripper wells, re-completion and re-working projects.
ARÊTE INDUSTRIES, INC. 
