|Press Release||Source: Arête Industries, Inc.|
Arête Industries, Inc. Announces The Company has repurchased the 1,200,000 shares of its Common Stock.
February, February 21, 2014
WESTMINSTER, Colorado, February 21, 2014 (Market Wired) Arête Industries, Inc. (OTC-QB: ARET) today announced it recently repurchased 1,200,000 shares of its common stock from one of its significant shareholders pursuant to an agreement under which the shares were purchased at a price of $0.19 per share for total consideration of $228,000.
The repurchased shares represented 8.92% of the Companys outstanding shares at the time of purchase and reduced the Companys outstanding shares of common stock from 13,451,466 shares to 12,251,466 shares.
In addition, three of our executive officers and/or directors purchased 260,000 shares of Company common stock from the same significant shareholder, representing 2.12% of the Companys outstanding shares after taking into account the Companys share repurchase noted above.
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:
Nicholas Scheidt, CEO
Donald W Prosser, CFO
Source: Arête Industries, Inc.