SSN

Stetson Oil & Gas Ltd. (TSX VENTURE:SSN) has entered into an agreement (the
"Agreement") with a private company ("Privateco") that is looking to evaluate
and acquire interests in oil and gas exploration blocks onshore and offshore in
Southeast Asia (the "Blocks"). 


In connection with the Agreement, Stetson will provide Privateco with
USD$700,000 (the "Advance") and shall have first right in respect of a possible
investment or conversion of the Advance into an interest in Privateco, once it
has successfully secured an asset. In the event that Privateco acquires an asset
and a definitive agreement between the parties is not executed prior to the
expiry of the Agreement, or if the parties terminate the Agreement, Stetson
shall immediately be reimbursed the Advance and shall also receive an additional
fee as compensation for its role.


The term of the Agreement is for a period of 12 months, subject to extension or
early termination as agreed among the parties. 


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 Agreement. 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
President and CEO
+1 (403) 263 3000
asaid@forbesenergygroup.com

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