Stetson Oil & Gas Ltd.: Option Agreement for Offshore African Acreage Terminated
July 02 2014 - 7:30AM
Marketwired
Stetson Oil & Gas Ltd.: Option Agreement for Offshore African
Acreage Terminated
TORONTO, ONTARIO--(Marketwired - Jul 2, 2014) - Stetson Oil
& Gas Ltd. (TSX-VENTURE:SSN), a Forbes & Manhattan Energy
Group Company, reports that the exclusive option agreement (the
"Option Agreement") entered into with a private company
("Privateco") for the option to acquire an interest in two
prospective exploration blocks offshore West Africa has now been
terminated.
In connection with the Option Agreement, the Company originally
provided a US$1,500,000 advance to Privateco at an interest rate of
10% per annum. Since a definitive agreement for the offshore blocks
was not executed, Privateco has now repaid to Stetson the advance,
all accrued interest, and the extension fees for extending the term
of the Option Agreement.
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 termination of the Option Agreement and
the repayment of all fees, advances and interest. 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 SaidChairman & CEO+1 (403)
263 3000asaid@forbesenergygroup.com
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