2009-05-21-2009-05-19-2009-05-19

Transaction Type
Sellers
Buyers
Announce Date
Post Date
Close Date
Estimated Price
2MM
Description

Bought company with assets in Lashburn, Buzzard areas of SK, gaining 100 BO/d.

Stetson Oil & Gas Ltd., Calgary, (Toronto Venture: SSN) has acquired Calgary-based Rhea Resources Inc. in a deal valued at C$2.2 million in stock. Stetson issued 0.7 share per Rhea share, coming to a total 21.8 million Stetson shares valued at $0.10 each. Rhea shareholders hold approximately 20.25% of the combined company. Rhea's assets consist of producing oil and gas properties in the Lashburn and Buzzard areas of west-central Saskatchewan. The main productive zone is the Sparky formation, and Rhea has working interests ranging from 5% to 83.33% (with an average of 28.5%) in 18 producing oil wells. Rhea is the operator of four producing oil wells. Production is 100 barrels of oil equivalent per day. Stetson now has production of approximately 135 barrels of oil equivalent per day.