Stetson Oil and Gas Ltd. reported that the company has received a final resolution from the regulatory authority for the Llanos-11 oil and gas exploration block located in Colombia (the "Llanos Block"). The Llanos Block was acquired by Stetson during the Ronda 2010 bidding process organized by the Agencia Nacional de Hidrocarburos of Colombia (the "ANH"). Stetson subsequently successfully farmed out 90% of the Llanos Block to an independent company in exchange for retaining a 10% carried interest during the exploration phase.

However, due to the failure of the farm-in partner to meet the required obligations, Stetson terminated the farm-out agreement in October 2013. Pursuant to the resolution, the ANH has terminated Stetson's interest in the Llanos Block due to unfulfilled work obligations related to the Llanos Block.