WESTMINSTER, Colo., March 30, 2012 (GLOBE NEWSWIRE) -- Arête Industries, Inc. (OTCQB:ARET), today announced that it is issuing a Form 12b-25 to delay the release of its Form 10-K. The Company is unable to file its Annual Report on Form 10-K for the period ended December 31, 2011, within the prescribed time period because it has not been able to obtain and assimilate all information required to complete its accounting and audit of the acquisition of significant oil and gas assets acquired in 2011. Because of the significance of the property acquisition, Arête has not been able to complete its financial statements and other required disclosure to its Form 10-K and, likewise, Arête's independent accountants have been unable to complete its audit of Arête's financial statements for the year ended December 31, 2011. The Company intends to complete all of the necessary requirements and file its 10-K by the end of the extension period on April 16, 2012.
The Company expects to report revenues for the year ended December 31, 2011 of $3,550,000 that includes $2,480,000 from the sale oil & gas leases. Its revenues for the year ended December 31, 2010 was $167,625.
The Company is also announcing that it is conducting a conference call to discuss financial results from 2011 and a review of the Company on April 16, 2012. Conference call details to follow.
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About Arête Industries
The Company holds oil and gas properties in the Rocky Mountain Region of the United States and operates a small natural gas gathering system. For additional information on the Company visit our website at: http://www.areteindustries.com
SAFE HARBOR
This press release contains forward-looking statements regarding future events and our future results that are subject to the safe harbors created under the Securities Act of 1933 and the Securities Exchange Act of 1934. All statements other than statements of historical facts included in this report, such as statements regarding our future expectations to increase our production are forward-looking statements (often, but not always, using words such as "expects", "anticipates", "plans", "estimates", "potential", "possible", "probable", or "intends", or stating that certain actions, events or results "may", "will", "should", or "could" be taken, occur or be achieved). Forward-looking statements are based on our current expectations and assumptions about future events and involve inherent risks and uncertainties. These risks include, but are not limited to, the volatility in commodity prices for crude oil and natural gas, the presence or recoverability of estimated reserves, the ability to replace reserves, environmental risks, drilling and operating risks, exploration and development risks, competition and government regulation or other actions. Additional information on these and other factors which could affect Arête's operations or financial results are included in Arêtes' reports on file with the Securities and Exchange Commission. Such factors (many of which are beyond our control) could cause actual results to differ materially from those set forth in the forward-looking statements. Readers should not place undue reliance on any such forward-looking statements, which are made only as of the date hereof. Arête undertakes no duty or obligation to update any forward-looking statements contained in this release as a result of new information, future events or changes in Arête's expectations.