Expiration of Preference Shares

Stetson Oil & Gas Ltd. (TSX VENTURE:SSN), a Forbes & Manhattan Energy Group
Company, issued preference shares on November 18, 2008 entitling the holders
thereof to a portion of any funds received by Stetson prior to December 31, 2013
in connection with its claim against Stifel Nicolaus Canada Inc. (formerly
Thomas Weisel Partners Canada Inc.) for the 2008 failed bought deal financing. 


Stetson has fought hard over the past five years to ensure a fair outcome to the
litigation. Stetson was successfully awarded a judgment earlier this year by the
Ontario Superior Court of Justice and the judgment is currently under appeal by
Stifel Nicolaus.


Stetson has undertaken all reasonable efforts to move the litigation forward and
will continue to aggressively defend and pursue its rights against Stifel
Nicolaus; however, there is no certainty on the final results or timing of any
potential award collection. 


The preference shareholders' rights to receive a portion of any proceeds expire
as of December 31, 2013. 


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 treatment of the Stetson preference shares. 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.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Ahmed Said, Chief Executive Officer
+1 (403) 441-1160
asaid@forbesenergygroup.com

Stetson Oil & Gas Ltd. (TSXV:SSN)
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