Stetson Oil & Gas Ltd.
TSX VENTURE : SSN

Stetson Oil & Gas Ltd.

August 08, 2008 17:21 ET

Stetson Oil & Gas Ltd. Extends Closing Date for C$25,000,030 "Bought Deal" Financing

CALGARY, ALBERTA--(Marketwire - Aug. 8, 2008) -

THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT AUTHORIZED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.

STETSON OIL & GAS LTD. (TSX VENTURE:SSN) ("Stetson" or the "Company") announces that Thomas Weisel Partners Canada Inc., as lead underwriter on behalf of a syndicate of underwriters (collectively, the "Underwriters"), and Stetson have agreed to extend the closing date of its previously announced bought deal private placement past July 31, 2008. The bought deal private placement is for 45,454,600 Subscription Receipts of the Company at a price of C$0.55 per Subscription Receipt, for aggregate gross proceeds of C$25,000,030. The underwriters and Stetson are in discussions regarding revisions to the terms of the bought deal.

The securities to be issued under this offering will be offered by way of private placement exemptions in all the provinces of Canada and in the United States on a private placement basis pursuant to exemptions from the registration requirements of the United States Securities Act of 1933, as amended. The securities being offered have not, nor will they be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S. registration or an applicable exemption from the U.S. registration requirements. This release does not constitute an offer for sale of securities in the United States.

Stetson is an emerging junior oil and gas company with exploration, development, and production programs in the Provinces of Saskatchewan and Alberta, Canada and North Dakota, U.S.A.

Regulatory Statements

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 terms of the financing, the planned use of proceeds, and receipt of all approvals. Generally, forward looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: general business, economic, competitive, geopolitical and social uncertainties; regulatory approvals, the actual results of exploration activities; regulatory risks; and other risks of the oil and gas industry. 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 information 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.

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