Arete Industries, Inc. entered into a definitive agreement to acquire 51% of Padgett Properties and Nebraska Properties from Wellstar Corporation for $1.2 million.

Arete Industries, Inc. (OTCPK:ARET) entered into a definitive agreement to acquire 51% of Padgett Properties and Nebraska Properties from Wellstar Corporation for $1.2 million in cash and stock on November 25, 2015. Under terms of the agreement, Arete Industries will pay $1.1 million for Nebraska Properties and will issue 1 million shares at $0.14 per share for 51% of Padgett Properties. Arete Industries anticipates the closing of the deal to occur by the end of 2015.