<DOCUMENT>
<TYPE>EX-21
<SEQUENCE>2
<FILENAME>arete10ksbex21_4152005.txt
<DESCRIPTION>LIST OF SUBSIDIARIES
<TEXT>
                                   EXHIBIT 21
                                       TO
                                  ANNUAL REPORT
                                       ON
                                   FORM 10-KSB
                       FISCAL YEAR ENDED DECEMBER 31, 2004


                         Subsidiaries of the Registrant


Colorado Oil and Gas, Inc. Colorado Corporation, org. 11/9/2004

Global Direct Marketing Services, Inc. Colorado Corporation org. 1998 (Inactive)

Aggression Sports, Inc. Colorado Corporation org. 1998 (Inactive)

Avatar Energy Development Group, LTD. Colorado Corporation. org. 2004 (Inactive)
</TEXT>
</DOCUMENT>