SSN

STETSON OIL & GAS LTD. (TSX VENTURE:SSN) ("Stetson" or the "Company")  is
pleased to announce that it has signed a Hydrocarbon Exploration and Production
Contract (the "E&P Contract) with the Agencia Nacional de Hydrocarburos of
Colombia (ANH) for LLA-11 (the "Block"). This Block in the Llanos Basin was
successfully won by the Company during a bid round held on June 22, 2010, in
Cartagena, Colombia (the "Bid"). The Company has granted a 90% interest in the
Block to a wholly-owned subsidiary of Sagres Energy Inc. ("Sagres") in
consideration for the Company retaining a 10% carried interest during the first
exploration phase (the "Carried Interest"), which consists of a minimum
expenditure of US $9.5 MM over a 36 month period.


The Block has an area of 51,190 Ha (gross) and is located in the Llanos Basin of
Colombia, a prolific basin in the foreland of the Colombian Andes (Figure 1).
The Block is on trend with existing and new discoveries and is also close to the
giant Cano Limon field. Currently, there is around 900 km of 2D seismic data
over this Block. Existing 2D seismic has identified a significant lead over this
block and it is possible that future seismic programs will add to the estimated
prospectivity of the Block.


To view, "Figure 1: LLA-11 Location Map", please click on the following link:
http://media3.marketwire.com/docs/ssnmap.pdf


The Block carries an additional royalty of 1% payable to the Government of
Colombia in addition to the basic royalty scheme established under Colombia Law,
being 8% for up to 5,000 bopd of production and increasing to 25% for a 600,000
bopd field. All other terms of the contract are standard to the model Colombian
E&P Contract. Sagres will have an option to acquire the Company's Carried
Interest in the Block over the next twelve months at a mutually agreed price.


Stetson entered into a Letter of Intent with a private Ontario company ("Ontario
Co."), to acquire a 90% interest in the Block in consideration for paying to
Stetson a fee of US$50,000, taking responsibility for 100% of the costs of the
first exploration phase, agreeing to reimburse Stetson for all expenses of the
Bid and to allow Stetson to retain the Carried Interest (the "LOI"). Subsequent
to the Bid, Ontario Co. was acquired by Sagres.


The transaction may be considered a Non-Arm's Length Transaction for the
purposes of the TSX Venture Exchange as Stetson and Ontario Co. had a common
officer, Ahmed Said, at the time the terms of the LOI were negotiated. Stetson
and Sagres are arm's length parties. The Closing of the transaction remains
subject to all requisite approvals, including without limitation, approval of
the TSX Venture Exchange.


Ahmed Said, President and CEO, stated "We are pleased with the results of
successful award in Colombia. The Carried Interest provides our shareholders
with exposure to Colombia without committing significant capital."


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


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 effect of the successful bid and
Assignment on the Company; current strategic initiatives; prospective nature of
the Company's properties; estimates regarding future production; 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; transaction risks; 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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