2011-05-31-2011-05-16

To buy properties with 81 wells on 37,000 gross acres in WY, CO, KS, & MT.

Arête Industries Inc., Westminster, Colorado, (OTCBB: ARETD) plans to acquire properties in Wyoming, Colorado, Kansas, and Montana from an undisclosed seller for $10 million.

The purchase includes 91 operating wells, approximately 37,000 gross acres (21,000 net under lease), and approximately 250 proved undeveloped locations.

Donald W. Prosser, chief executive and chairman, says, "We will finalize the evaluation of the oil and gas properties, work on our drilling plan, bring on at least two new board of directors, and hire an oil and gas chief financial officer before June 30, 2011."