Arete Industries, Inc. Announces Management Changes
November 28, 2012 at 04:37 pm EST
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On November 21, 2012, the Board of Directors Arete Industries, Inc. appointed Nicholas L. Scheidt as a Director of the company. Mr. Scheidt was appointed to fill a board vacancy created by the retirement and resignation of Mr. John Herzog from the Board and from his position as Interim Chief
Financial Officer and Accounting Officer, effective November 21, 2012. Mr. Herzog's resignation was not the result of any disagreement with the company, known to an executive officer of the company, on any matter relating to the company's operations, policies or practices. Mr. Scheidt has served as President and Chairman of Apex Financial Services Corp. aka Apex Realty Investments Inc. since 1983; he has served on the Board of Directors of Truck Wash Inc. since 1989; he has served on the Board of Directors of Out Reach Housing Corporation since 1992 and he has served as Chief Financial Officer of Truck Wash Inc. since 1995. Donald W. Prosser will remain as Chief Executive Officer of the company and will become the interim Chief Financial Officer. The Board has begun a search for a Chief Financial Officer.
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.