Arctos Petroleum Corp.
TSX VENTURE : APO

November 06, 2007 17:30 ET

Arctos Announces Share Consolidation, Changes Name to Stetson Oil & Gas Ltd.

CALGARY, ALBERTA--(Marketwire - Nov. 6, 2007) -

NOT FOR RELEASE IN THE UNITED STATES OR TO U.S. NEWSWIRE SERVICES

ARCTOS PETROLEUM CORP. ("Arctos" or the "Company") (TSX VENTURE:APO) today announced that it has received approval from the TSX Venture Exchange to consolidate its share capital and change the name of the corporation. Both of these items were also approved by the Company's shareholders at the most recently completed Annual General Meeting held on June 12, 2007. The consolidation of the Company's shares will be completed on the basis of ten old common shares for each new common share. In connection with the consolidation of its shares, the Company has changed its name to Stetson Oil & Gas Ltd. ("Stetson") and its common shares will commence trading on a consolidated basis on the TSX Venture Exchange under the symbol "SSN" at the opening on Monday, November 12, 2007.

Arctos also announced that it has received TSX Venture Exchange approval to settle outstanding debt of $258,240. Arctos has paid one creditor $25,240 in cash and issued 4,660,000 common shares at a deemed price of $0.05 per share as settlement of this debt. Following this transaction, Arctos had a total of 96,536,504 common shares issued and outstanding. Post consolidation, Stetson will have 9,653,650 common shares issued and outstanding.

Arctos is an emerging junior oil and gas company with exploration, development, and production programs in Alberta and Saskatchewan.

ARCTOS PETROLEUM CORP.

William (Bill) S. Ward, President & CEO

Cautionary Note Regarding Forward-Looking Information: This press release contains "forward-looking information", within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to the future financial or operating performance of the Company and its projects, and the timing and amount of, and expenses related to, estimated future production,. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results to be materially different from those expressed or implied by such forward-looking information, including but not limited to: general business, economic, competitive, political and social uncertainties; changes in project parameters as plans continue to be refined; delays in obtaining governmental approvals or required financing or in the completion of development or construction activities. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

THE TSX VENTURE EXCHANGE DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE

Contact Information

  • Arctos Petroleum Corp.
    William (Bill) S. Ward
    President & CEO
    (403) 531-1711
    Email: bward@arctos.ca