Stetson Provides Litigation Update

Stetson Oil & Gas Ltd. (TSX VENTURE:SSN) reports that, as Stetson expected,
Thomas Weisel Partners Canada Inc. has filed a notice with the Court of Appeal
for Ontario to appeal the decision of the Ontario Superior Court of Justice
(Commercial List), which found that Thomas Weisel Partners breached their bought
deal engagement letter with Stetson dated July 13, 2008. The Ontario Superior
Court of Justice (Commercial List) ordered Weisel to pay damages of $16,042,669
plus interest and costs incurred by Stetson in connection with the litigation to
compensate Stetson for the damages caused by the 2008 failed bought deal
financing. Stetson intends to aggressively defend the appeal by Weisel and
pursue its case. Further updates relating to the appeal will be provided by
Stetson in due course.


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 notice of appeal under its profile on SEDAR at
www.sedar.com.


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 appeal and the merits of
Stetson's claim. 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
Chairman & CEO
[phone]
[e-mail]