Stetson Oil & Gas Ltd. (“Stetson”) is an emerging junior oil and gas company with production, exploration and development programs in Saskatchewan and Alberta, Canada and in North Dakota, USA. 

 

In July 2008, Stetson announced that it had acquired interests in oil and gas mineral rights on the Fort Berthold Indian Reservation in North Dakota. The lands acquired by Stetson are in close proximity to very successful drilling for light oil in the Bakken Formation. Stetson has assembled a land position comprised of approximately 22,000 gross acres on this prospect and has partnered with Red Willow Great Plains, LLC to jointly drill and develop these lands.

Drilling of the first well on these lands commenced in August, 2009. Stetson operated the well Stetson MHA 1-11H-148-90 and has a 48.75% working interest. Completion operations are scheduled to commence in early October 2009. Red Willow is preparing to commence drilling a second well on Company lands in November 2009. Stetson will have a 40% interest in this well.

Stetson has also grown its Canadian oil and gas assets in 2009 with the acquisition of approximately 100 bopd from Rhea Resources in May, successful natural gas drilling operations in central Alberta in July, and the acquisition of approximately 45 boepd from Longford Energy which is expected to close in early October. Stetson’s total production is expected to be approximately 175 boepd upon completion of the Longford acquisition, with additional gas volumes from central Alberta to be determined in the fourth quarter of 2009.