Arete Industries Inc. announces formation of dual advisory boards in traditional and alternative energy

NIWOT, Colo., Nov. 5, 2003 — Arete Industries Inc. has announced the creation of two energy advisory boards, one focusing on expertise in traditional oil and gas development and the second focusing on providing expertise in the “new” alternative and renewable energy sector.

The advisory boards will aid Arete in both of its directions and in its due diligence processes.

Advisory board members will also assist in the company’s program to acquire and finance traditional and alternative and renewable energy projects and by providing Arete with opportunities that the company might not otherwise be able to obtain.

Thomas Raabe, Arete CEO, stated, “In keeping with our mission to originate project financings that match investors with viable high-profit, low risk traditional and alternative energy opportunities, we have resolved to bring on board long term experts in oil and gas and renewable energy that will dramatically aid us in pursuing our goals and performing our due diligence for programs that we develop and that are brought to us in both areas.”