|By Marketwired .||
|December 30, 2013 06:00 PM EST||
TORONTO, ONTARIO -- (Marketwired) -- 12/30/13 -- Stetson Oil & Gas Ltd. (TSX VENTURE: SSN), a Forbes & Manhattan Energy Group Company, issued preference shares on November 18, 2008 entitling the holders thereof to a portion of any funds received by Stetson prior to December 31, 2013 in connection with its claim against Stifel Nicolaus Canada Inc. (formerly Thomas Weisel Partners Canada Inc.) for the 2008 failed bought deal financing.
Stetson has fought hard over the past five years to ensure a fair outcome to the litigation. Stetson was successfully awarded a judgment earlier this year by the Ontario Superior Court of Justice and the judgment is currently under appeal by Stifel Nicolaus.
Stetson has undertaken all reasonable efforts to move the litigation forward and will continue to aggressively defend and pursue its rights against Stifel Nicolaus; however, there is no certainty on the final results or timing of any potential award collection.
The preference shareholders' rights to receive a portion of any proceeds expire as of December 31, 2013.
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 by Stifel Nicolaus and the treatment of the Stetson preference shares. 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.
Ahmed Said, Chief Executive Officer
+1 (403) 441-1160