Stetson terminates West Africa acquisition option

Stetson Oil & Gas Ltd., a Forbes & Manhattan Energy Group company, has terminated the exclusive option agreement with a private company to acquire an interest in two prospective exploration blocks offshore West Africa.

Offshore staff

TORONTO – Stetson Oil & Gas Ltd, a Forbes & Manhattan Energy Group company, has terminated the exclusive option agreement with a private company to acquire an interest in two prospective exploration blocks offshore West Africa.

In connection with the option agreement, the company originally provided a $1.5 million advance at an interest rate of 10% per annum. Since a definitive agreement for the offshore blocks was not executed, the advance is to be repaid to Stetson with accrued interest, and the fees for extending the term of the option agreement.

07/03/2014

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