Stetson Oil & Gas Ltd.
TSX VENTURE : SSN

Stetson Oil & Gas Ltd.

August 24, 2009 07:30 ET

Stetson Spuds First Bakken Well in North Dakota

CALGARY, ALBERTA--(Marketwire - Aug. 24, 2009) - STETSON OIL & GAS LTD. (TSX VENTURE:SSN) ("Stetson" or the "Company") today announced that on August 23 drilling operations commenced on its first horizontal well on land holdings in North Dakota. It is expected that the well, Stetson MHA 1-11H-148-90, will be drilled to a vertical depth of approximately 9500 feet (2896 meters) and open hole logs will be run to evaluate the Bakken and Three Forks formations. The well will then be plugged back and horizontally drilled in the Bakken formation for a length of approximately 4500 feet (1372 meters). The well is expected to take 26 days to drill and completion operations will commence approximately two to three weeks following release of the drilling rig. Production results should be known in early October 2009. Stetson is the operator of the well and has a 48.75% working interest.

The well will be drilled, in part, on lands leased from the Three Affiliated Tribes of the Fort Berthold Reservation. Stetson is in the process of licensing a second well that is expected to be spud in Q4 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.

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 results from operations; reserve estimates; estimates regarding future production; expected management rationalization and benefits therefrom; and the future financial and operating performance of Stetson and its projects. 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; risks relating to the integration of the two companies and that greater resources, time and attention will be spent on the Acquisition than anticipated; 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.

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