Arete Industries (ARET)

[rubberworm]

Dave from 2009...http://wyomingenergynews.com/2009/05/arete-to-acquire-oil-and-gas-acreage-from-dnr-tindall-including-wyoming-sites/

"The wells being offered by DNR & Tindall total 243, including 46 operating wells (proven developed) and 197 PUDS (proven undeveloped), with a discounted reserve value of the proven developed, and the proven undeveloped of $38 million."

Now from May 2011 news..."The $10,000,000 purchase includes ninety-one operating wells, approximately thirty-seven thousand gross acres that includes approximately twenty-one thousand net acres under lease, and approximately 250 PUDs. In addition to the current production and cash flow, the property offers a large opportunity for future development and we are in the process of evaluating its potential. We plan to have a short-term (one year) drilling plan out by the end of May 2011."

So for the same 10mil we now have a total of 341. As I see it for the same 10 Mil. 2 times the operating wells (91) and about 50 more puds. Looks like DNR has been has not stopped growing. And the price of oil is 2 times higher. And IMHO we may be seeing 130 buck oil down the road.

Well goodnight Dave.

What do you farm BTW?

Regards