Stetson Extends Option Agreement for Offshore African Acreage
Stetson Oil & Gas Ltd. (TSX VENTURE:SSN), a Forbes & Manhattan Energy Group Company, reports that it 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 September 1, 2013. 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 $100,000 plus all applicable interest accrued on the loan granted by Stetson under the Option Agreement.
Stetson is a junior oil and gas company with exploration assets in North Dakota, USA.