Stetson Provides Corporate Update
01 Novembre 2011 - 10:00PM
Marketwired
Stetson Oil & Gas Ltd. ("Stetson" or the "Company") (TSX
VENTURE:SSN) is pleased to provide an update on its corporate
initiatives and operations.
Share Consolidation
The Company is pleased to announce that after an internal
strategic review, the Board of Directors has determined to proceed
with a share consolidation of Stetson's common shares in an effort
to refocus the Company for a new phase of growth and creating
shareholder value. The Company has been evaluating potential
exploration and development opportunities in emerging markets, and
believes a share consolidation will strongly enhance its ability to
access capital and expertise required for high impact,
international opportunities.
The Company will call a special meeting of shareholders in
January 2011 to seek shareholder approval for a proposed share
consolidation of the Company's share capital on the basis of one
(1) post-consolidated common share for every eleven (11)
pre-consolidated common shares of the Company (the
"Consolidation"). The exercise price and number of common shares
issuable under any outstanding incentive stock options will be
proportionately adjusted once the Consolidation is complete.
The completion of the Consolidation is subject to shareholder
approval and TSX Venture Exchange approval.
Appointment of Interim CFO
The Company is pleased to announce the appointment of Ms.
Deborah Battiston as interim Chief Financial Officer of the
Company, effective November 1, 2011.
The appointment of Ms. Battiston follows the resignation of Mr.
Darren Moulds as Chief Financial Officer of the Company. Stetson
would like to thank Mr. Moulds for his service as Chief Financial
Officer.
Ms. Battiston is a Certified General Accountant with over 23
years of accounting and financial management experience. At
present, she is the Chief Financial Officer of a number of Canadian
public companies. Ms. Battiston obtained a B.A. in Economics from
the University of Guelph.
Litigation Update
With regard to its outstanding legal claim against Thomas Weisel
Partners Canada Inc. ("Weisel") for damages arising in connection
with the Company's incomplete bought deal financing of July 2008,
the Company announces that the mediation previously scheduled for
November 2011 has been tentatively re-scheduled for December 2011.
The court case remains scheduled for February 2012 if Stetson and
Weisel are unable to reach an acceptable settlement.
Operations Update - North Dakota - MHA #1-11H
The operator continues to await the ruling from the Oil and Gas
Division of the North Dakota Industrial Commission on its
application for non-standard spacing approval, after which the
recompletion operations are expected to proceed.
Stetson is a junior oil and gas company with exploration assets
in North Dakota, USA.
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 appointment or resignation of the
chief financial officer; proposed share consolidation of the
Company; the effect of the drilling program on the Company; reserve
estimates; estimates regarding future production; the receipt of
regulatory approvals; management and benefits therefrom; statements
with respect to the conduct and the strategy of our claim against
Weisel; the merits of our claim; the receipt of damages in
connection with the claim, the anticipated timetable of the claim;
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; 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 3000asaid@forbesenergygroup.com Stetson Oil &
Gas Ltd. Bob Petryk Operations Manager +1 (403) 531
1711bpetryk@forbesenergygroup.com
Stetson Oil & Gas Ltd. (TSXV:SSN)
Graphique Historique de l'Action
De Mai 2024 à Juin 2024
Stetson Oil & Gas Ltd. (TSXV:SSN)
Graphique Historique de l'Action
De Juin 2023 à Juin 2024