Stetson Closes Sale of Domestic Assets
10 Mars 2011 - 1:30PM
Marketwired
STETSON OIL & GAS LTD. (TSX VENTURE: SSN) ("Stetson" or the
"Company") is pleased to announce that it has closed its previously
announced sale of all of its active Canadian oil and gas properties
for total consideration of $5 million, subject to post closing
adjustments, based on a December 1, 2010 effective date. (see
Stetson News Release dated January 17, 2011).
As part of a strategic review process to refocus the company on
near term, high impact international opportunities, Stetson engaged
Sayer Energy Advisors to act as financial advisor to assist in
identifying potential purchasers and marketing the properties,
which include oil and gas assets in Alberta and Saskatchewan
currently producing approximately 170 boe per day, along with the
Canadian resource tax pools related thereto.
The proceeds of the sale will provide Stetson with funds to
investigate, assess and pursue the acquisition of international oil
and gas exploration and production opportunities on a go forward
basis, which the company believes will provide opportunities to
enhance shareholder value.
Disclaimers:
BOEs may be misleading, particularly if used in isolation. A BOE
conversion ratio of 6 Mcf: 1bbl is based on an energy equivalency
conversion method primarily applicable at the burner tip and does
not represent a value equivalency at the wellhead.
This press release contains "forward-looking information",
within the meaning of applicable Canadian securities legislation.
Forward-looking information includes, but is not limited to,
statements with respect to the effect and timing of the disposition
on the Company; the use of proceeds; reserve estimates; estimates
regarding future production; the receipt of regulatory approvals;
expected management rationalization and benefits therefrom; and the
future financial and operating performance of Stetson and its
projects. Forward-looking information is subject to known and
unknown risks, uncertainties and other factors that may cause the
actual results to be materially different from those expressed or
implied by such forward-looking information, including but not
limited to: general business, economic, competitive, political and
social risks and uncertainties; risks relating to oil and gas
exploration and exploitation activities; oil and gas prices;
acquisition risks; risks relating to greater resources, time and
attention will be spent on the Acquisition than anticipated; and
delays in obtaining regulatory approvals. 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 statements 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 THE 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.
Contacts: Stetson Oil & Gas Ltd. Ahmed Said Chairman &
CEO +1 (403) 263 3000 assaid@forbesenergygroup.com
Stetson Oil & Gas Ltd. (TSXV:SSN)
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