Stetson Oil & Gas Ltd.
TSX VENTURE : SSN

Stetson Oil & Gas Ltd.

April 29, 2008 21:52 ET

Stetson Announces Filing of NI 51-101 Forms and Late Filing of Financial Statements

CALGARY, ALBERTA--(Marketwire - April 29, 2008) - STETSON OIL & GAS LTD. ("Stetson" or the "Company") (TSX VENTURE:SSN) today announced that it has filed the disclosure and reports relating to reserves data and other petroleum and natural gas information required pursuant to National Instrument 51-101 for the year ended December 31, 2007. A copy of Stetsons' forms 51-101F1, 51-101F2 and 51-101F3 required pursuant to National Instrument 51-101 may be obtained from the Company's SEDAR profile at www.sedar.com.

Stetson also announced that it will be unable to meet the deadline of April 29, 2008 for the filing of its 2007 audited financial statements and related management's discussion and analysis of financial condition. Stetson received its independent engineering evaluation of its oil and gas assets on April 24, 2008 and the Company's auditors were unable to complete their field work and final reviews prior to today's filing deadline.

Stetson is committed to publishing its financial statements and related management's discussion and analysis of financial condition as soon as possible. Pending the filing of its financial statements and MD&A, Stetson intends to satisfy the alternative information guidelines recommended by Canadian Securities Administrators ("CSA") Staff Notice 57-301. The Company will request from the Canadian securities regulators, that a management cease trade order related to the Company's securities be imposed against some or all persons who have been directors, officers or insiders of the Company, which cease trade order would generally not affect the ability of persons who have not been directors, officers or insiders of the Company to trade in the Company's securities.

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

Stetson Oil & Gas Ltd.

Bill 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 timing of filing the financial statements and MD&A, the imposition of a management cease trade order and the persons to which such cease trade order would apply. 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 risks and uncertainties; risks relating to oil and gas exploration and exploitation activities; reliance on technology; and delays in obtaining regulatory approvals. 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.

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