Stetson Oil & Gas Ltd. reports that it has elected to extend the term of the exclusive option agreement (the "Option Agreement") entered into with a private company (Privateco), as extended on October 22, 2012 and December 4, 2012, 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 February 28, 2013. In consideration for the extension, and in addition to the original principal and agreed to facilitation fees, Stetson will receive an additional sum of USD $50,000 plus all applicable interest accrued on the loan granted by Stetson under the Option Agreements. Privateco has agreed to immediately pay all outstanding facilitation fees, all accrued interest and prepay all interest to be accrued up to February 28, 2013.
