Arete Industries, Inc. completed the acquisition of 51% of Padgett Properties and Nebraska Properties from Wellstar Corporation.
December 29, 2015
Share
Arete Industries, Inc. (OTCPK:ARET) entered into a definitive agreement to acquire 51% of Padgett Properties and Nebraska Properties from Wellstar Corporation for $1.2 million in cash and stock on November 25, 2015. Under terms of the agreement, Arete Industries will pay $1.1 million for Nebraska Properties and will issue 1 million shares at $0.14 per share for 51% of Padgett Properties. Arete Industries anticipates the closing of the deal to occur by the end of 2015.
Arete Industries, Inc. (OTCPK:ARET) completed the acquisition of 51% of Padgett Properties and Nebraska Properties from Wellstar Corporation on December 30, 2015.
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.