Stetson Oil & Gas Litigation Update: Settlement Reached With Stifel Nicolaus Canada

Stetson Oil & Gas Litigation Update: Settlement Reached With Stifel Nicolaus Canada
  
 

TORONTO, ONTARIO--(Marketwired - Mar 28, 2014) - Stetson Oil & Gas Ltd. (TSX-VENTURE:SSN), a Forbes & Manhattan Energy Group Company, has entered into a settlement agreement with Stifel Nicolaus Canada Inc. (formerly Thomas Weisel Partners Canada Inc.) in respect of Stetson's claim against Stifel for the 2008 failed bought deal financing.

Under the terms of the settlement agreement, Stifel will pay to Stetson the sum of CAD$7 million in cash and Stetson shall have no further claim, right or entitlement against Stifel in respect of the failed bought deal financing.

Stetson has fought hard over the past five years to ensure a fair outcome to the litigation and the company is pleased to have reached a settlement.

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 settlement agreement with Stifel Nicolaus. 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.

Stetson Oil & Gas Ltd.Ahmed SaidChief Executive Officer+1 (403) 441 [e-mail]