/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES/
Trading Symbol: TSX.V: SSN
CALGARY, Sept. 17 /CNW/ - STETSON OIL & GAS LTD. (TSXV: SSN) ("Stetson"
or the "Company) is pleased to announce that is has closed its previously
announced financing for gross proceeds of $12,000,000. The financing consisted
of the issuance of 60,000,000 units of the Company at a price of $0.20 per
unit. Each unit was comprised of one Stetson common share and one share
purchase warrant entitling the holder thereof to acquire one Stetson common
share at a price of $0.30 at any time prior to September 17, 2010, subject to
customary anti-dilution adjustments. The private placement was sold by a
syndicate of agents led by Canaccord Capital Corporation and including
Macquarie Capital Markets Canada Ltd. In consideration for their services, the
agents received a cash commission and share purchase warrants to purchase
6,000,000 common shares at a price of $0.30 at any time prior to September 17,
All of the common shares and share purchase warrants issued to
subscribers under the offering will be subject to a four month hold period in
Canada in accordance with applicable securities laws.
Stetson has agreed to acquire leases covering 8,185 acres of Bakken
prospective Tribal Lands on the Fort Berthold Reservation in North Dakota.
Stetson has also entered into agreements to lease approximately 11,000 acres
of land held in trust by the U.S. Department of the Interior for individual
tribe members ("Allotment Lands"). The total cost to close the acquisition of
the Tribal Lands will be approximately US$8.3 million. The total cost to close
the acquisition of the leases on the Allotment Lands will be approximately
US$8.4 million. To date, Stetson has paid US$3.73 million to take up
approximately 5,313 gross acres of Allotment Lands.
Stetson is an emerging junior oil and gas company with exploration,
development, and production programs in the Provinces of Saskatchewan and
Alberta, Canada and North Dakota, U.S.A.
The TSX Venture does not accept responsibility for the adequacy or
accuracy of this release.
Cautionary Note Regarding Forward-Looking Information: This press release
contains or may contain "forward-looking information", within the meaning of
applicable Canadian securities legislation. Forward-looking information
includes, but is not limited to, statements with respect to future litigation
matters; potential damages that have been or may be incurred; potential for
oil and gas on the Company's leases; terms of acquisitions, including of
leases; terms of the financing and the Company's ability to attract financing
on acceptable terms; timing and cost of development plans and actual
development; production forecasts; receipt of regulatory approval; benefits of
acquisitions; impact of technology; and future financial or operating
performance of the Company 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; reliance on technology; 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.
For further information:
For further information: Bill Ward, President & CEO, Phone: (403)
531-1700, Direct: (403) 531-1711, Email: email@example.com; Ahmed
Said, Chairman, Phone: (403) 263-3000, Fax: (403) 263-3041, Email: