Arete Industries, Inc. announced that it has received $1 million in funding.
April 29, 2013 at 05:00 am
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Arete Industries, Inc. (OTCPK:ARET) announced a private placement of a promissory note for gross proceeds of $1,000,000 on April 29, 2013. The note will carry 7.5% interest rate per annum and will mature on May 31, 2014. If not sooner paid, the entire principal amount outstanding and accrued interest thereon shall be due and payable on December 31, 2013. The transaction included participation from Apex Financial Services Corp, entity managed by Nicholas L. Scheidt, the Chief Executive Officer, director, and shareholder of the company. The company will pay $10,000 as service fees.
On April 29, 2013, Arete Industries, Inc. closed the transaction.
Arete Industries, Inc. is an independent oil and gas company. The Company is engaged in the acquisition and development of oil and natural gas reserves through a program, which includes purchases of reserves, re-engineering, development and exploration activities primarily focused on Wyoming, Kansas, Colorado and Montana. The Company holds interest in the producing oil and gas leases located in Sumner County, Kansas and Kimball County, Nebraska. It also owns a gas gathering system (pipeline and compressor station related assets) in Campbell County, Wyoming. The system consists of over 4.5 miles of eight-inch coated steel pipeline. The Company also acquires interests in traditional oil and gas ventures and seek properties that offer profit potential from overlooked and by-passed reserves of oil and natural gas, which may include shut-in wells, in-field development, stripper wells, re-completion and re-working projects.
ARÊTE INDUSTRIES, INC. 
