TORONTO, ONTARIO--(Marketwired - Aug 14, 2013) - Stetson Oil & Gas Ltd. (TSX VENTURE:SSN), a Forbes & Manhattan Energy Group company, has received the decision of the Ontario Superior Court of Justice (Commercial List) that Stifel Nicolaus Canada Inc., (formerly Thomas Weisel Partners Canada Inc.) must pay Stetson the sum of $1,591,813 to cover costs and disbursement fees incurred by Stetson during the litigation against Stifel Nicolaus along with $2,426,574 in prejudgment interest fees. This award is in connection with the litigation respecting the 2008 failed bought deal financing and it is in addition to the previous $16,042,669 in damages the court ordered Stifel Nicolaus to pay Stetson in March 2013. The total amount of this recent judgment is $4,018,375. Stifel Nicolaus filed an appeal notice with the Ontario Courts to appeal the initial decision but a date has not yet been set for the court to hear the matter.
Mr. Ahmed Said, Chairman and CEO, commented: "We are pleased with the recent award for costs and interest in association with the failed bought deal and the total amount of the judgments is approximately $20,061,044".
Stetson has posted a copy of the decision under its profile on SEDAR at www.sedar.com.
Stetson is a junior oil and gas company with its securities listed under the TSX Venture Exchange under the symbol "SSN".
This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, without limitation, statements regarding the judgment awarded by the Ontario Superior Court of Justice. 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. 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.