|Press Release||Source: Arête Industries, Inc.|
Arete Industries, Inc. Announces Sale of a Well and Leases in Wyoming for Approximately
$1.0 Million in Gross Proceeds With a $380,000 Gain
WESTMINSTER, CO (Marketwired) 12/23/13 Arête Industries, Inc. (OTCQB: ARET) today announced it recently sold an oil well and three oil and gas (on one of which the well is located) leases in Campbell County, Wyoming to an unaffiliated party for approximately $1.0 million in gross proceeds. Arête owned a 100% working interest in the well and in three leases that comprise a 640 acre communitized spacing unit. Arêtes gain on the sale was approximately $380,000 and it retained a 1.75% overriding royalty interest in approximately 330 net acres in the communitized spacing unit. A drilling permit has been approved by the Wyoming Oil & Gas Commissions for a horizontal well in the unit.
Make sure you are first to receive timely information on Arête Industries when it hits the newswire. Sign up for Arêtes email news alert system today at: http://www.areteindustries.com/alerts
About Arête Industries
The Company owns non-operated oil and gas properties in the Rocky Mountain Region of the United States. For additional information on the Company visit our website at: http://www.areteindustries.com
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. These statements may include projections and other forward-looking statements within the meaning of the federal securities laws. Any such projections or statements reflect Arêtes 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, the Companys dependence on its management, the Companys significant lack of capital, changes in prices for crude oil and natural gas, the ability of management to execute plans to meet the Companys goals and other risks inherent in the Companys business that are detailed in the Companys Securities and Exchange Commission (SEC) filings. Readers are encouraged to review these risks in the Companys SEC filings.
For Further Information Contact:
Donald W Prosser
Source: Arete Industries, Inc.
Released December 23, 2013