Arete Industries, Inc. Announces Definitive Agreement for Purchase of Oil & Gas Properties

Arete Industries, Inc. Announces Definitive Agreement for Purchase of Oil &
Gas Properties

WESTMINISTER, Colo., April 29 /PRNewswire-FirstCall/ -- Arete Industries, Inc.
(Pink Sheets: ARET) announces that the Company signed a definitive agreement
to purchase oil and gas properties in Wyoming, Colorado, Kansas, and Oklahoma
from DNR Oil & Gas Company and Tindall Operating Company for cash and
additional consideration.

The wells being offered by DNR & Tindall total 243 wells, including 46
operating wells (PDP) and 197 PUDS (PUD), with a discounted reserve value of
the proven & developed, and the proven & undeveloped of $38,000,000. The
reserve value assumes a 15% discount and uses $42 per barrel oil and $5 per
Mcf gas. The current operating wells at today's oil and gas prices will
generate net working interest revenues of approximately $3,635,000 a year or
monthly net working interest revenue of $303,000, all based on oil at $42 per
barrel and gas at $5 per Mcf. Arete purchased the TOP Gathering System located
in Campbell County, Wyoming in September of 2006. This pipeline is connected
to DNR's gas properties in Wyoming and is currently transporting approximately
900,000 Mcf of gas per day for the DNR wells and is cash flowing from its
operations. The pipeline has capacity of three times as much gas as is
presently being delivered, based on current compression, and developing the
present leases would help fill that capacity. The purchase of the pipeline is
part one of Arete's four part program of merging, purchasing, developing, and
acquiring operations in the oil & gas industry. The financing of the project
is being coordinated by First Diversified Financial Services, Inc. of Houston,
Texas. The loan will be a two year term loan for $13,000,000 that includes
$10,000,000 for the acquisition and the remaining $3,000,000 for the costs of
the loan and drilling in the next 18 months. We plan to complete the
transaction by June 1, 2009.

We plan to complete all filings for Arete by the end of June 2009 and file the
necessary paperwork to be listed on the OTC BB early third quarter. "This has
been a long time coming and we have worked very hard to make this happen. The
pipeline had its problems in the beginning but is performing very well now and
we expect this acquisition of assets will help complete our long term
development plan for Arete," stated Charles Gamber CEO of Arete Industries,
Inc.

About the Company

Arete Industries, Inc. is a publicly traded company. The Company is the
operator of a gas gathering system and is in the process of buying oil and gas
properties in the Rocky Mountain Region of the United States.

Statement as to Forward Looking Statements.

Certain statements contained herein, which are not historical, are
forward-looking statements that are subject to risks and uncertainties not
known or disclosed herein that could cause actual results to differ materially
from those expressed herein. These statements may include projections and
other "forward-looking statements" within the meaning of the federal
securities laws. Any such projections or statements reflect Arete's current
views about future events and financial performance. No assurances can be
given that such events or performance will occur as projected and actual
results may differ materially from those projected. Important factors that
could cause the actual results to differ materially from those projected
include, without limitation, Arete's inability to meet the conditions to
acquiring its current business including providing financing to provide for
servicing current and new contracts; unexpected difficulties encountered in
the investment market, competition, government regulation or other action, the
ability of management to execute its plans to meet its goals and other risks
inherent in their businesses that are detailed in their Securities and
Exchange Commission ("SEC") filings.

SOURCE Arete Industries, Inc.

Charles Gamber, CEO, Arete Industries, Inc., +1-303-427-8688,
ir@areteindustries.com