Acquisition of shares of Saxon Oil Company Ltd.



    DALLAS, Oct. 3 /CNW/ - Further to the disclosure requirements of
applicable securities laws, Ms. Sandra Saxon Brice, Ms. Sheri Saxon Foah and
Mr. Steven D. Saxon (collectively, the Saxon Shareholders") report the
exercise in full of a put option (the Put Option") which was granted by the
Company to the Saxon Shareholders in connection with the Company's acquisition
of Saxon Oil Company, now the Company's wholly-owned subsidiary, in April
2006. The Company has purchased all of the 16,873,375 shares of Class B stock
of Saxon Oil Company held by the Saxon Shareholders in consideration for the
issuance to the Saxon Shareholders of 16,873,375 common shares (the "Shares")
of the Company, for which no additional consideration was paid and which
represents 26.39% of the issued and outstanding common shares of the Company
as of October 2, 2008.
    Ms. Brice and Ms. Foah report that pursuant to the exercise of the Put
Option, they each acquired ownership of 5,624,458 Shares, which each
represents 8.8% of the Company's issued and outstanding common shares as of
October 2, 2008. Mr. Saxon reports that pursuant to the exercise of the Put
Option, he acquired 5,624,459 Shares. Mr. Saxon also holds stock options that
entitle him to purchase 550,000 common shares of the Company, which, when
added to the shares which Mr. Saxon acquired pursuant to the exercise of the
Put Option, would represent 9.57% of the issued and outstanding common shares
of the Company.
    An aggregate of 5,062,013 of the Shares will remain in escrow pursuant to
a TSX Venture Exchange imposed escrow agreement among the Saxon Shareholders,
the Company and Pacific Corporate Trust Company dated April 12, 2006, as
amended, and will be released over time in accordance with the terms of the
escrow agreement.
    The Shares have been acquired for investment purposes only. Ms. Brice,
Ms. Foah and Mr. Saxon have no present intention to acquire any additional
securities of the Company. However, circumstances may change and result in
other acquisitions of securities. Ms. Brice, Ms. Foah and Mr. Saxon may have
acted jointly or in concert with respect to the exercise of the Put Option,
but they have no future intention, agreement or understanding to act jointly
or in concert with respect to the securities of the Company. A copy of the
related early warning report filed with the British Columbia and Alberta
Securities Commissions may be obtained from the SEDAR website (www.sedar.com)
or by contacting the Company at (214) 234-0552.

    %SEDAR: 00005554E




For further information:

For further information: Steven D. Saxon, Sandra Saxon Brice, Sheri
Saxon Foah, (214) 361-5000, 5910 N. Central Expressway, Suite 1250, Dallas,
Texas, U.S.A.

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Saxon Oil Company Ltd.

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