Stetson Oil & Gas Litigation Update: Settlement Reached With Stifel Nicolaus Canada

Stetson Oil & Gas Ltd. (TSX VENTURE:SSN), a Forbes & Manhattan Energy Group
Company, has entered into a settlement agreement with Stifel Nicolaus Canada
Inc. (formerly Thomas Weisel Partners Canada Inc.) in respect of Stetson's claim
against Stifel for the 2008 failed bought deal financing. 


Under the terms of the settlement agreement, Stifel will pay to Stetson the sum
of CAD$7 million in cash and Stetson shall have no further claim, right or
entitlement against Stifel in respect of the failed bought deal financing. 


Stetson has fought hard over the past five years to ensure a fair outcome to the
litigation and the company is pleased to have reached a settlement. 


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 settlement agreement with
Stifel Nicolaus. 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: 
Stetson Oil & Gas Ltd.
Ahmed Said
Chief Executive Officer
+1 (403) 441 1160
asaid@forbesenergygroup.com

Stetson Oil & Gas Ltd. (TSXV:SSN)
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