Stetson announced in May 2011 it had closed a farm-out agreement of a 90% interest in the Llanos Basin Block (the “Block”) to a wholly-owned subsidiary of Sagres Energy Inc. in consideration for Stetson retaining a 10% carried interest during the first exploration phase. The Llanos Basin Block, a prolific basin in the foreland of the Colombian Andes, is on trend with existing and new discoveries and is also close to the giant Caño Limon field.
Stetson also has 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 develop these lands.