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Article Excerpt
WESTMINISTER, Colo., April 29 /PRNewswire-FirstCall/ -- 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...
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