SSN

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN
THE UNITED STATES 


Stetson Oil & Gas Ltd. ("Stetson" or the "Company") (TSX VENTURE:SSN) is pleased
to announce that it has completed its previously-announced non-brokered private
placement financing by issuing 23,076,923 units (the "Units") at a price of
$0.13 per Unit, for aggregate gross proceeds of $3,000,000 (the "Offering").


Each Unit will be comprised of one common share of the Company and one common
share purchase warrant (a "Warrant"). Each Warrant will entitle the holder
thereof to acquire one common share of the Company at an exercise price of $0.20
per common share for a period of 24 months following the closing date of the
Offering. If at any time after four months and one day from the closing of the
Offering, the common shares of the Company trade at $0.30 per common share or
higher (on a volume weighted adjusted basis) for a period of 20 consecutive
days, the Company will have the right to accelerate the expiry date of the
Warrants to the date that is 30 days after the Company issues a news release
announcing that it has elected to exercise this acceleration right.


The gross proceeds of the Offering will be used to strengthen the corporate
balance sheet, pursue potential acquisition opportunities and for general
corporate purposes. The common shares forming part of the Units and the Warrants
will be subject to a four month hold period that expires on September 19, 2012.
Closing of the financing is subject to receipt of regulatory approval, including
final TSX Venture approval. The Company paid finder's fees of 6% in connection
with the Offering.


This press release is not an offering of securities for sale in the United
States. The common shares have not been registered under the U.S. Securities Act
of 1933, as amended, and may not be offered or sold in the United States absent
registration or an exemption from the registration requirements of that Act.


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


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 terms and conditions of
the Offering and the use of proceeds from the Offering. 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.

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