Stetson Provides Litigation Update

CALGARY, ALBERTA--(Marketwired - April 3, 2013) - Stetson Oil & Gas Ltd. (TSX VENTURE:SSN) reports that, as Stetson expected, Thomas Weisel Partners Canada Inc. has filed a notice with the Court of Appeal for Ontario to appeal the decision of the Ontario Superior Court of Justice (Commercial List), which found that Thomas Weisel Partners breached their bought deal engagement letter with Stetson dated July 13, 2008. The Ontario Superior Court of Justice (Commercial List) ordered Weisel to pay damages of $16,042,669 plus interest and costs incurred by Stetson in connection with the litigation to compensate Stetson for the damages caused by the 2008 failed bought deal financing. Stetson intends to aggressively defend the appeal by Weisel and pursue its case. Further updates relating to the appeal will be provided by Stetson in due course.

As a result of a 2010 merger transaction, Thomas Weisel Partners Canada Inc. has become a subsidiary of Stifel Financial Corp., which is a full service brokerage and investment banking firm based in St. Louis, Missouri.

Stetson has posted a copy of the notice of appeal under its profile on SEDAR at www.sedar.com.

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

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 and the merits of Stetson's claim. 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.