Exhibit 99.1

[[Arete Industries Company Logo]]


                              COMPANY PRESS RELEASE


Arete Industries, Inc. Declines Deal to Buy Three Prospects in Texas and
Oklahoma.


Company  Will  Focus on Near Term  Acquisition  of  Smaller  Deals to  Establish
Sustainable Revenue.

For Immediate Release

Thursday, March 10, 2005

NIWOT, Colorado, March 10, 2005 (Business Wire) Arete Industries, Inc. (OTC -
Bulletin Board: ARET) announced its withdrawal from an arrangement to purchase
three oil and gas drilling, re-entry, and re-work prospects located in Texas and
Oklahoma after its consultant notified the Company that none of the three
prospects had met their client's funding criteria.

Thomas P. Raabe, Arete CEO stated, "After an in-depth evaluation of the
technical data provided by the seller for the prospect, it was determined that
the prospects present greater risk than the funding sources represented by our
consultants are willing to accept, and the board has determined not to pursue
other avenues for financing these deals." "We remain committed to Traditional
and Renewable Energy projects in the long term, but have focused our attention
on attempting to develop a smaller project to meet the Company's short term
needs and allow it to establish a more conservative growth model," continued
Raabe.

About the Company. Arete Industries, Inc., a Colorado Corporation, has taken a
new business direction in the Traditional, Renewable and Alternative Energy
sectors, initially focusing on drilling, re-entry and reworking projects in
known, existing oil and gas fields, utilizing available state of the art
oil-field technology.

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. Such risks include the
fact that the Company has neither current operations nor a track record in the
oil and gas industry, and will require significant infusions of debt and equity
to achieve sustainability. Additionally, the Company competes with more
established and better funded Energy companies for investors and acquisitions of
viable prospects, and cannot assure successfully obtaining financing nor being
the successful bidder for more attractive development opportunities.

For Further Information Contact:

Company Contact:
- ----------------

Thomas P. Raabe, CEO and Chairman of the Board
Email: ir@areteindustries.com
Arete Industries, Inc.
7102 La Vista Place, Suite 100
Niwot, Colorado 80503
Voice: 303.652.3113
Fax: 303.652.1488
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