Saxon Announces New Drilling Plans for Eumont



    DALLAS, July 29 /CNW/ - Saxon Oil Company Ltd. ("Saxon") (PINK SHEETS:
SXNOF) (TSX VENTURE: SXN) (FRANKFURT: OVG) (BERLIN: OVG) announces the Eumont
State No.1 exploratory well in Lea County, New Mexico completed as a flowing
oil well on May 16, 2008, has now passed the 15,000 barrel milestone in oil
sales. Perforations from 3962-68' in the Seven Rivers were gauged at daily
rates exceeding 500 barrels of oil per day through a 48/64 inch choke during
the first 24 hours with no water. Subsequently, the well choke size was
decreased to 20/64 inch to restrict the oil production rate and then furthered
reduced to a 14/64 inch choke. The well has flowed at stabilized rates
averaging 185 barrels per day since early June with no apparent decrease in
flowing tubing or casing pressure. Saxon has a 15 percent working interest and
12.5 percent net revenue interest in the well.
    The operator of the Eumont State has scheduled a hearing with the New
Mexico Oil and Gas Commission for the first week in August in order to have
this classified as a new field discovery well. Assuming the new field
designation is granted, the working interest owners plan to drill one or more
offset locations during the fourth quarter of 2008 with further development
drilling in 2009. Multiple attractive offset locations have already been
permitted and with the New Mexico Commission.
    Richard G. Green, President and CEO of Saxon said, "We are extremely
pleased in the performance of the Eumont State No.1 well which is exceeding
our initial expectations. Typically oil wells exhibit declines in oil rate and
pressure as they are produced and thus far the Eumont State has produced at
rates and pressures similar to the initial values. Saxon is excited about the
development drilling opportunities available to our company surrounding this
well."

    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.

    %SEDAR: 00005554E




For further information:

For further information: Saxon Oil Company, Patrice Nazareno, Toll Free:
1-866-515-7708, Email: quaycomm@shaw.ca

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Saxon Oil Company Ltd.

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