Stetson Oil & Gas Ltd.

TSX VENTURE : SSN


Stetson Oil & Gas Ltd.

December 20, 2013 08:45 ET

Stetson Litigation Update: Appeal by Stifel Nicolaus Canada Scheduled to Be Heard in March 2014

TORONTO, ONTARIO--(Marketwired - Dec. 20, 2013) - Stetson Oil & Gas Ltd. (TSX VENTURE:SSN), a Forbes & Manhattan Energy Group Company, has received notice from the Court of Appeal for Ontario that the appeal by Stifel Nicolaus Canada Inc. (formerly Thomas Weisel Partners Canada Inc.) is scheduled to be heard on March 6, 2014. Stifel Nicolaus is appealing the judgment of the Ontario Superior Court of Justice (Commercial List) delivered on March 1, 2013 ordering it to pay Stetson damages for breach of contract of $16,042,669, plus an additional judgment delivered on August 12, 2013 awarding Stetson interest and costs of $4,018,387.55. The judgments were in relation to the failed 2008 bought deal financing.

Stetson, along with its legal advisors, has fought hard over the past four years to ensure a fair outcome to the litigation. The Company has undertaken all reasonable efforts to expedite the process and will continue to aggressively defend the appeal by Stifel Nicolaus and Stetson will provide updates in due course.

Regulatory Statements

This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, without limitation, statements regarding the appeal by Stifel Nicolaus and the defense by Stetson. 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 Stetson, as the case may be, 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; the actual results of current exploration activities; risks associated with operation in foreign jurisdictions; ability to successfully integrate acquired properties; foreign operations risks; and other risks inherent in the oil and gas industry. 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 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. Stetson does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

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