Stetson Oil & Gas Ltd.
TSX VENTURE : SSN

Stetson Oil & Gas Ltd.

April 29, 2009 17:35 ET

Stetson Oil & Gas Provides Update on Thomas Weisel Litigation-Stetson Wins Procedural Motion and Is Awarded Costs

CALGARY, ALBERTA--(Marketwire - April 29, 2009) - STETSON OIL & GAS LTD. ("Stetson" or the "Company") (TSX VENTURE:SSN) is pleased to announce the dismissal of a motion brought by Thomas Weisel Partners Canada Inc. ("Weisel") in connection with Stetson's claim for damages against Weisel, which relates to the incomplete bought deal financing of July 2008. Weisel brought the motion based on essentially procedural arguments. The Court dismissed Weisel's motion with costs payable to Stetson.

It is anticipated that Weisel will deliver its statement of defence in connection with the action by May 1, 2009. Stetson anticipates that the trial of the action will occur in the fall of 2009.

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

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 conduct and the strategy of our claim; the merits of our claim; the receipt of damages in connection with the motion victory; and the anticipated timetable of the claim. 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; litigation risks; 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.

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.

Contact Information