Stetson Extends Option Agreement for Offshore African Acreage

Stetson Oil & Gas Ltd. (TSX VENTURE:SSN) reports that it has elected to extend
the term of the exclusive option agreement (the "Option Agreement") entered into
with a private company ("Privateco"), as extended on October 22, 2012 and
December 4, 2012, for the option to acquire an interest in two prospective
exploration blocks offshore West Africa.


Stetson and Privateco have mutually agreed to extend the term of the Option
Agreement until February 28, 2013. In consideration for the extension, and in
addition to the original principal and agreed to facilitation fees, Stetson will
receive an additional sum of USD $50,000 plus all applicable interest accrued on
the loan granted by Stetson under the Option Agreements. Privateco has agreed to
immediately pay all outstanding facilitation fees, all accrued interest and
prepay all interest to be accrued up to February 28, 2013.


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 Option Agreement; or the terms of the loan or extension agreement with
Privateco. 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.


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