DALLAS, TX, May 3 /CNW/ - Saxon Oil Company Ltd ("Saxon") (TSX VENTURE: SXN) (FRANKFURT:SXN) (BERLIN:SXN) an independent international oil and gas company, is pleased to announce the immediate appointment of Hank Swartout to the Board of Directors.
Mr. Swartout has over thirty years of experience in the oil and gas businessp. Previously, he held positions as Manager of Construction for Nabors Drilling Canada, Vice President of Rig Design and Construction for Dreco, and Manager of Bawden Western Oceanic Offshore. He held the position of Chairman and Chief Executive Officer of Precision Drilling Ltd., Canada's largest independent drilling rig service company, from 1985 through 2006. Under the direction of Mr. Swartout, Precision Drilling Ltd. grew from a market capitalization of $1 million into one of the world's largest oilfield service companies, worth roughly $7 billion by 2005, when Precision shares traded for almost $100 per share on the TSX. From 2005 to 2010, Mr. Swartout was involved in many Oil and Gas start ups and also was the Chairman of Highpine Oil and Gas which produced 20,000 barrels a day of H2S crude. In June 2009, Mr. Swartout became Chairman of BlackWatch Energy Services Corpp (TSX- BWT). Mr. Swartout graduated from the University of Wyoming with an Honors degree in petroleum engineering.
Steven D. Saxon, Chairman of Saxon commented: "I am very pleased to welcome Hank Swartout to the Board of Saxon. Mr. Swartout brings significant experience in the oil and gas industry as well as important relationships built over his long and distinguished career."
Saxon also announced four of its directors will not seek reelection at the company'sp annual general meeting ("AGM") in June. William Payne, John Tatum, John McCandless and Tom Vessels will serve on the Board until June and new Board nominations will be submitted for shareholder approval at the June AGM. The Company wishes to thank these Directors for their service over the past years.
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 statements.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy and accuracy of this Release.
SOURCE Saxon Oil Company Ltd.
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