DALLAS, Aug. 4 /CNW/ - Saxon Oil Company Ltd ("Saxon") (TSX VENTURE: SXN)
(FRANKFURT:SXN) (BERLIN:SXN) (PINK SHEETS:SXNOF) is pleased to announce that
AleAnna Resources LLC ("AleAnna") www.aleannaresources.com, of which Saxon
owns a 20% membership interest, received formal approval and published decrees
from the Italian Ministry of Economic Development granting exclusive
exploration permits for six (6) years to AleAnna for both the Ponte Del
Diavolo and the Ponte Dei Grilli applications located in the province of
Ferrara, Emilia Romagna Region in north eastern Italy. The tracts lie in the
Ferrara-Romagna Arc-NW Peri-Apenninic Foredeep. Italy has been a major gas
producing region in Europe since the late 1940's.
These new exploration permits combined with the previously awarded Corte
Dei Signori exploration permit are part of a significant portfolio of permits
and licenses held by AleAnna in Italy. The Texas-based company concluded a 128
sq km 3D seismic survey over this Corte Dei Signori permit in March of 2009.
Very little 3D seismic has ever been shot in this Po Valley Area. IMC
Geophysical International Ltd was the contractor for the Vibroseis
acquisition, the objective of which is to investigate the shallow gas
potential. Initial processing of this data was completed in June 2009 and
final interpretation of this data is in process now. Initial review of the
data indicates several large structures. The company is finalizing locations
and plans to submit a drilling permit to the regional authorities within the
next few weeks.
Michael McGhee, President of AleAnna, stated, "AleAnna is very excited
about the targets we have identified utilizing the 3D seismic acquired in the
Corte Dei Signori area. Our portfolio continues to expand from applications to
permits and our progress has across the board has been exceptional."
About Saxon Oil Company Ltd:
Saxon Oil Company is a Tier One Texas-based Canadian company, trading on
the TSX Venture Exchange under the symbol SXN. The Company is an independent
oil and gas company engaged in the acquisition, development and production of
oil and natural gas reserves. The Company seeks to deliver strong shareholder
returns through an effective exploration and development program that
incorporates sound business practices with the latest oil field technologies.
The goal is to steadily increase proven reserves of oil and natural gas -
which, in turn, will lead to enhanced cash flows and earnings per share.
This press release includes certain "Forward-Looking Statements" within
the meaning of section 21E of the United States Securities Exchange Act of
1934, as amended. All statements, other than statements of historical fact,
included herein, including without limitation, statements regarding plans for
completion, production potential, other targeted areas and expansion and
development plans and objectives of Saxon Oil Company Ltd. are forward-looking
statements that involve various risks and uncertainties. There can be no
assurance that such statements will prove to be accurate and actual results
and future events could differ materially from those anticipated in such
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy and accuracy of this Release.
For further information:
For further information: Saxon Oil Company, Patrice Nazareno, Toll Free: