UNITED STATES                                OMB APPROVAL
             SECURITIES AND EXCHANGE COMMISSION            OMB NUMBER: 3235-0058
                      Washington, D.C.            Average estimated burden hours
                                                     per response...........2.50

                        FORM 12B-25

                                                                 SEC FILE NUMBER
                  NOTIFICATION OF LATE FILING                        033-16820-D
                                                                     -----------



(Check one): X Form 10-K   Form 11-K    Form 20-F    Form 10-Q    Form N-SAR
            ---           --           --          --           --

         For Period Ended:  December 31, 2002
                           ------------------

Read  Instructions (on back page) Before  Preparing Form.  Please Print or Type.
Nothing  in this  Form  Shall be  construed  to imply  that the  Commission  has
verified any information contained herein.

If the notification  relates to a portion of the filing checked above,  identify
the Item(s) to which the notification relates:


PART I -- REGISTRANT INFORMATION

ARETE INDUSTRIES, INC.
- -----------------------
Full Name of Registrant


Former Name if Applicable


7102 La Vista Place, Suite 100
- ----------------------------------------------------------
Address of Principal Executive Officer (Street and Number)


Niwot, CO 80503
- ------------------------
City, State and Zip Code


PART II -- RULES 12b-25(b) AND (c)

If the subject report could not be filed without  unreasonable effort or expense
and the registrant seeks relief pursuant to Rule 12b-25, the following should be
completed. (Check box if appropriate)



               (    (a) The reasons  described in reasonable  detail in Part III
                    of this form could not be  eliminated  without  unreasonable
                    effort or expense;

  X            (    (b) The subject annual report or semi-annual  report/portion
- ------              thereof  will be filed on or before the  fifteenth  calendar
                    day  following  the  prescribed  due  date  or  the  subject
                    quarterly  report  will be  filed  on or  before  the  fifth
                    calendar day following the prescribed due date; and

               (    (c) The accountant's  statement or other exhibit required by
                    Rule 12b-25(c) has been attached if applicable.




PART III -- NARRATIVE

State below in reasonable detail the reasons why the Form 10-K, 11-K, 20-F, 10-Q
or N-SAR or  portion  thereof,  could not be filed  within the  prescribed  time
period.

The Company and its accountants need additional time to finalize and analyze its
financial  statements  and  prepare  Management's  Discussion  and  Analysis  of
Financial Condition and Results of Operations.

PART IV -- OTHER INFORMATION

(1)  Name  and  telephone  number  of  persons  to  contact  in  regard  to this
     notification

         Thomas P. Raabe                   303                652-3113
         ---------------------          ----------        ------------------
         (Name) (Area Code) (Telephone Number)


(2)  Have all other periodic  reports  required under Section 13 or 15(d) of the
     Securities Exchange Act of 1934 or Section 30 of the Investment Company Act
     of 1940 during the preceding 12 months (or for such shorter period that the
     registrant was required to file such reports) been filed?  If answer is no,
     identify report(s). X yes     no
                           ---       ---
Is it anticipated that any significant  change in results of operations from the
corresponding  period for the last fiscal year will be reflected by the earnings
statements to be included in the subject report or portion thereof?    yes  X no
                                                                    ---    ---
If so, attach an explanation of the  anticipated  change,  both  narratively and
quantitatively, and, if appropriate, state the reasons why a reasonable estimate
of the results cannot be made.



                             ARETE INDUSTRIES, INC.
                              ----------------------
                  (Name of Registrant as Specified in Charter)

has  caused  this  notification  to be signed on its  behalf by the  undersigned
hereunto duly authorized.


Date: March 31, 2003            By:   /s/ Thomas P. Raabe
      --------------                  ------------------------------------------
                                     Thomas P. Raabe
                                     Chief Executive Officer

INSTRUCTION: The form may be signed by an executive officer of the registrant or
by any other duly  authorized  representative.  The name and title of the person
signing  the form  shall  be typed or  printed  beneath  the  signature.  If the
statement is signed on behalf of the registrant by an authorized  representative
(other than an executive officer), evidence of the representative's authority to
sign on behalf of the registrant shall be filed with the form.

                                    ATTENTION

Intentional  misstatements  or omissions  of fact  constitute  Federal  Criminal
Violations (see 18 U.S.C. 1001)


                              GENERAL INSTRUCTIONS

1. This Form is required by Rule 12b-25 (17 CFR 240.12b-25) of the General Rules
and Regulations under the Securities Exchange Act of 1934.

2. One signed  original and four  conformed  copies of this Form and  amendments
thereto must be completed and filed with the Securities and Exchange Commission,
Washington,  D.C.  20549,  in accordance  with Rule 0-3 of the General Rules and
Regulations  under the Act. The information  contained in or filed with the Form
will be made a matter of public record in the Commissions files.

3. A manually signed copy of the form and amendments thereto shall be filed with
each  national  securities  exchange  on which  any class of  securities  of the
registrant is registered.

4. Amendments to the notification must also be filed on Form 12b-25 but need not
restate information that has been correctly furnished. The Form shall be clearly
identified as an amendment notification.