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.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
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 and up to 5 development prospects in five Colorado fields from Tucker Family Investments, DNR Oil & Gas and Tindall Operating for $2.6 million. This was the smaller deal Arete had promised after dropping the Texas and Oklahoma prospects, and funding was not yet secured.
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.
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.
7 Aug 2002security holder rights change● NeutralMajor
Shareholders approved a 1-for-20 share consolidation, cutting shares on issue from 498 million to 24.9 million while leaving the 500 million authorised limit untouched - so most of the dilution capacity was preserved. The same meeting settled claims with chief executive Thomas Raabe and a former officer and adopted a new option plan.