Court Awards Stetson, A Forbes & Manhattan Energy Group Company, Full Damages of $16 Million in Claim Against Thomas Weisel P...

Stetson Oil & Gas Ltd. (TSX VENTURE:SSN) has received the decision of the
Ontario Superior Court of Justice (Commercial List) that Thomas Weisel Partners
Canada Inc. breached its bought deal engagement letter with Stetson dated July
13, 2008. To compensate Stetson for the damages caused by the 2008 failed bought
deal financing, the court has ordered Weisel to pay Stetson damages of
$16,042,669 plus interest and costs incurred by Stetson in connection with this
litigation. 


Ahmed Said, the Chairman and Chief Executive Officer of Stetson, commented,
"This is a significant win for Stetson and our industry as it confirms the
commitments of an underwriter in a bought deal financing. We look forward to
using our strengthened balance sheet to pursue an exceptional and attractive
investment opportunity." 


Stetson sincerely thanks Bill Burden and his team at Cassels, Brock & Blackwell
LLP for their dedication and strong advocacy of our claim these past four and a
half years. 


As a result of a 2010 merger transaction, Thomas Weisel Partners Canada Inc. has
become a subsidiary of Stifel Financial Corp., which is a full service brokerage
and investment banking firm based in St. Louis, Missouri. 


Stetson has posted a copy of the decision under its profile on SEDAR at
www.sedar.com.


Stetson Preference Shares 

In September 2008, following the failed bought deal financing with Weisel,
Stetson had to issue an aggregate of 85,696,408 preference shares as an
incentive to attract the financing needed to purchase its land concessions in
North Dakota. The preference shares are entitled to receive a portion of any
proceeds that Stetson ultimately receives in connection with the Weisel
litigation prior to December 31, 2013. The amount to be distributed in respect
of the preference shares will be determined by the Stetson board of directors.
There can be no assurance that Stetson will be successful should the decision be
appealed or that any proceeds of the judgment (as it may be modified on appeal,
if any) will be received by Stetson prior to December 31, 2013. The preference
shares trade on the TSX Venture Exchange under the symbol "SSN.PR.A".


Stetson is a junior oil and gas company with its securities listed under the TSX
Venture Exchange under the symbol "SSN".


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 collection of awarded
damages; the enforcement of this judgment; the availability and outcome of any
appeal of this decision, and the portion of proceeds payable to holders of
Series 1 Shares. 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.
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.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Stetson Oil & Gas Ltd.
Ahmed Said
Chairman & CEO
[phone]
[e-mail]