Stetson Announces Share Consolidation and Update to Board of Directors

CALGARY, ALBERTA--(Marketwire - Feb. 27, 2012) - Stetson Oil & Gas Ltd. ("Stetson" or the "Company") (TSX VENTURE:SSN) is pleased to announce that effective today the common shares of the Company have been consolidated such that one (1) new common share has been issued for every eleven (11) common shares outstanding on the date hereof. A letter of transmittal will be sent by mail to shareholders advising that the share consolidation has taken effect and instructing shareholders to surrender the certificates evidencing their common shares for replacement certificates representing the number of common shares to which they are entitled as a result of the consolidation. Until surrendered, each certificate representing common shares prior to the consolidation will be deemed for all purposes to represent the number of common shares to which the holder thereof is entitled as a result of the consolidation.

The shareholders of the Company approved the share consolidation at a special meeting of the Company held on January 19, 2012. Further details regarding the share consolidation are contained in the Company's Information Circular dated December 19, 2011, which has been filed on SEDAR at www.sedar.com.

Stetson also announces the resignation of Mr. Stan Bharti from the Board of Directors. Stetson remains a member of the Forbes & Manhattan Group of Companies and continues to receive all of the benefits of such membership, including access to a world class team of geologists and petroleum engineers, advice from Mr. Bharti and other Forbes & Manhattan capital market professionals and strategic advice from the Forbes & Manhattan Board of Advisors.

Mr. Ahmed Said, Chairman and CEO of Stetson stated that "On behalf of the Company and the board of directors, I would like to take this opportunity to thank Mr. Stan Bharti for his hard work as a board member. He has been a valued member of the board through his tenure and we expect he will remain integrally involved in our strategic planning and implementation."

Stetson is a junior oil and gas company with exploration assets in North Dakota, USA.

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 consolidation of common shares. 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; oil and gas prices; acquisition risks; and delays in obtaining regulatory approvals. Although Stetson 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. Stetson does not undertake to update any forward-looking information, except in accordance with applicable securities laws.