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, 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 December 31, 2012. In consideration for the extension, and in addition to its 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 Agreements.
