22 Aug 2011quarterly activities report▼ Bad
ARETE INDUSTRIES INC reported quarterly revenue of $16 thousand and a net loss of $840 thousand for the period ended 2011-06-30.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
17 Aug 2011material agreement▼ Bad
Eleven weeks after closing, Arete could not make the first instalment on the $9.5 million seller note and had the deadline pushed from 15 to 31 August - the first of several extensions from a seller who is also a director of the company.
15 Aug 2011late filing notice▼ Bad
ARETE INDUSTRIES INC notified the SEC that its quarterly report would be filed late.
12 Aug 2011auditor change● Neutral
Arete dismissed Ronald Chadwick and brought back Causey Demgen & Moore - the firm that had stepped aside in 2004 - to audit the enlarged company. No disagreements were reported.
31 May 2011material agreement● NeutralMajor
The purchase first announced in 2009 finally closed at $10 million - but Arete put in only $500,000 of its own cash, with the sellers financing $9.5 million on a note due five weeks later and secured on the properties themselves. DNR is owned by Arete director Charles Davis.
13 May 2011quarterly activities report▼ Bad
ARETE INDUSTRIES INC reported quarterly revenue of $30 thousand and a net loss of $454 thousand for the period ended 2011-03-31.
2 May 2011capital raising announcement● Neutral
Three officers converted $500,000 the company owed them into 62,500 shares at $8.00, clearing debt without spending cash just as Arete was trying to fund the long-delayed DNR and Tindall purchase.
29 Apr 2009material agreement▲ GoodMajor
Arete signed a definitive agreement to buy 243 wells - 46 producing, 197 undeveloped - from the same DNR and Tindall group it first dealt with in 2005, far bigger than anything it had attempted before. The wells feed the Wyoming pipeline Arete already owned, but the deal would not actually close for another two years.
16 May 2007late filing notice▼ Bad
ARETE INDUSTRIES INC notified the SEC that its quarterly report would be filed late.
3 Apr 2007late filing notice▼ Bad
ARETE INDUSTRIES INC notified the SEC that its annual report would be filed late.
14 Nov 2006late filing notice▼ Bad
ARETE INDUSTRIES INC notified the SEC that its quarterly report would be filed late.
29 Sept 2006asset acquisition disposition▲ GoodMajor
Arete paid $330,000 for the TOP gathering system, 4.5 miles of pipeline in Wyoming's Powder River Basin carrying gas from 33 wells at about a third of its capacity - its first infrastructure asset. The $400,000 needed came from two of its own directors and one outsider, on terms that had not been agreed when the filing was made.
29 Aug 2006listing compliance notice▼ BadMajor
A late quarterly report got Arete thrown off the OTC Bulletin Board; it paid a $4,000 fee, appealed and won a hearing. Chronic late filing would follow the company for the rest of its life.
15 Aug 2006late filing notice▼ Bad
ARETE INDUSTRIES INC notified the SEC that its quarterly report would be filed late.
15 June 2006dividend declaration● NeutralMajor
Arete distributed its Avatar Technology Group subsidiary to shareholders as a share dividend, one Avatar share for every 975 Arete shares held - shedding the last of its non-energy businesses as it narrowed to oil and gas.
15 May 2006late filing notice▼ Bad
ARETE INDUSTRIES INC notified the SEC that its quarterly report would be filed late.
31 Mar 2006late filing notice▼ Bad
ARETE INDUSTRIES INC notified the SEC that its annual report would be filed late.
15 Nov 2005late filing notice▼ Bad
ARETE INDUSTRIES INC notified the SEC that its quarterly report would be filed late.
15 Aug 2005late filing notice▼ Bad
ARETE INDUSTRIES INC notified the SEC that its quarterly report would be filed late.
21 July 2005material agreement▲ Good
A third bolt-on in three months: $50,000 for working interests in five Chesapeake-operated Oklahoma wells, continuing the strategy of buying small producing cash flow instead of drilling.
30 June 2005material agreement● Neutral
The subsidiary bought a pool of small mineral and royalty interests across Colorado, Wyoming, Texas and Oklahoma for a $200,000 secured note - from a company owned by its own president, William Stewart, so not an arm's-length purchase.
23 May 2005material agreement▲ GoodMajor
Colorado Oil and Gas, Arete's majority-owned subsidiary, agreed to buy 13 producing wells across five Colorado fields from Tucker Family Investments, DNR Oil & Gas and Tindall Operating - the smaller, fundable deal promised when the Texas and Oklahoma prospects were dropped in March. Those same three sellers would be Arete's principal counterparty for the next decade.
1 Apr 2005late filing notice▼ Bad
ARETE INDUSTRIES INC notified the SEC that its annual report would be filed late.
10 Mar 2005material agreement termination▼ BadMajor
Arete walked away from the three Texas and Oklahoma prospects it had tied up in December, after its own financing consultants judged them too risky to back, and said it would chase smaller deals it could actually pay for.
14 Dec 2004material agreement▲ GoodMajor
Arete, then repositioning itself towards energy, locked up a 45-day exclusive right to buy three oil and gas drilling and re-work prospects in Texas and Oklahoma - but had not yet found anyone to fund them.
16 Nov 2004late filing notice▼ Bad
ARETE INDUSTRIES INC notified the SEC that its quarterly report would be filed late.
17 Aug 2004late filing notice▼ Bad
ARETE INDUSTRIES INC notified the SEC that its quarterly report would be filed late.
5 May 2004auditor change● Neutral
Auditor Causey Demgen & Moore declined to stand for reappointment, which Arete attributed to the auditor-tenure limits brought in by Sarbanes-Oxley rather than any dispute over the accounts.
31 Mar 2004late filing notice▼ Bad
ARETE INDUSTRIES INC notified the SEC that its annual report would be filed late.
17 Nov 2003late filing notice▼ Bad
ARETE INDUSTRIES INC notified the SEC that its quarterly report would be filed late.