Arete Industries Inc. refocuses on energy sector with three new directors

NIWOT, Colo., Oct. 24, 2003 — Arete Industries Inc. reconfirmed the redirection and new focus of its business plan to implement its new revenue-driven strategy in the Energy Sector focusing on low risk, high profit traditional oil and gas projects and state of the art renewable and alternative energy projects.

Thomas Raabe, Arete CEO, stated, “Our intent is to team financial specialists with experienced oil and gas people and experts on cutting edge renewable and alternative energy technologies in order to maximize our penetration of the ‘New Energy Sector.'”

In keeping with its new vision, Arete Industries appoints three new directors with special financial expertise and qualifications, Donald Prosser, Charles Gamber and John Herzog. Arete intends to add four additional directors including two oil and gas specialists and two renewable/alternative energy experts.

Raabe continued, stating “Our new team, combined with the future board members and a new energy investment and development advisory board that we are creating, will provide a perfectly balanced structure to generate revenue for the Company and its shareholders.”

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