Stetson Oil & Gas Ltd. has elected to extend the term of 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.

Stetson and Privateco have mutually agreed to extend the term of the Option Agreement until January 31, 2014. Privateco will immediately pay Stetson the sum of USD$125,000 for interest and principal repayment under the loan granted pursuant to the Option Agreement. In consideration for the extension and in addition to the original loan principal and agreed to fees, Stetson will receive an additional sum of USD$75,000.

Tags: Stetson Oil & Gas Ltd.