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, for the
option to acquire an interest in two prospective exploration blocks offshore
West Africa (see press releases dated August 15, 2012 and October 23, 2012).


Stetson and Privateco have mutually agreed to extend the term of the Option
Agreement until December 31, 2012. In consideration for the extension, and in
addition to its 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 Agreements. 


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 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]