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Article Excerpt
M2 PRESSWIRE-29 April 2009-Stockwire.com: Arete Industries, Inc. (Pink Sheets: ARET) just released some important news.(C)1994-2009 M2 COMMUNICATIONS LTD
RDATE:29042009
Arete Industries, Inc. (Pink Sheets: ARET) just announced Definitive Agreement for Purchase of Oil & Gas Properties.
A dedicated Chat Room for Arete Industries has been created at STOCKWIRE.com to discuss this news event.
Visit the following link to begin chatting with your fellow shareholders: http://www.stockwire.com/chat
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WESTMINISTER, Colo. -- Arete Industries, Inc. (Pink Sheets: ARET) announces that the Company signed a definitive agreement to purchase oil and gas properties in Wyoming, Colorado, Kansas, and Oklahoma from DNR Oil & Gas Company and Tindall Operating Company for cash and additional consideration.
The wells being offered by DNR & Tindall total 243 wells, including 46 operating wells (PDP) and 197 PUDS (PUD), with a discounted reserve value of the proven & developed, and the proven & undeveloped of $38,000,000. The reserve value assumes a 15% discount and uses $42 per barrel oil and $5 per Mcf gas. The current operating wells at today's oil and gas prices will generate net working interest revenues of approximately $3,635,000 a year or monthly net working interest revenue of $303,000, all based on oil at $42 per barrel and gas at $5 per Mcf. Arete purchased the TOP Gathering System located in...
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