Saxon announces record revenue and net earnings for 2007



    TSX Symbol: SES

    All amounts are expressed in U.S. dollars unless otherwise noted

    CALGARY, Feb. 14 /CNW/ - Saxon Energy Services Inc. ("Saxon" or "the
Corporation") is pleased to announce record revenue and record net earnings
for 2007.
    For the fourth quarter of 2007 the Corporation generated revenue of
$68.1 million and net earnings of $7.3 million ($0.09 per diluted share)
compared to revenue of $52.2 million and net earnings of $4.8 million
($0.06 per diluted share) in the fourth quarter of 2006. For the year ended
December 31, 2007, Saxon generated $242.3 million in revenue and net earnings
of $26.8 million ($0.32 per diluted share) compared to 2006 revenue of
$170.5 million and net earnings of $15.7 million ($0.19 per diluted share).

    
    Highlights
    ----------

    ($000's) except per      Three months ended             Years ended
     share amounts and           December 31                December 31
     operating data        2007     2006        %     2007     2006        %
                        -----------------------------------------------------

    Revenue              68,100   52,182       31  242,328  170,451       42
    EBITDAS(1)           19,300   12,737       52   68,627   45,838       50
    Operating
     earnings(2)         13,056    8,541       53   47,399   31,976       48
    Net earnings          7,330    4,752       54   26,785   15,653       71
    Cash flow from
     operations          13,864    3,925      253   56,057   12,640      343
                        -----------------------------------------------------
    EBITDAS per
     share ($)(1)
      Basic                0.23     0.15       53     0.81     0.56       45
      Diluted              0.23     0.15       53     0.81     0.56       45
                        -----------------------------------------------------
    Earnings per
     share ($)
      Basic                0.09     0.06       50     0.32     0.19       68
      Diluted              0.09     0.06       50     0.32     0.19       68
                        -----------------------------------------------------
    Weighted average
     share (000's)
      Basic              84,531   83,837        1   84,268   81,184        4
      Diluted            84,821   84,248        1   84,525   82,286        3
                        -----------------------------------------------------
    Revenue per
     operating day(3)      19.9     16.1       24     19.0     13.4       42
    Operating days(4)(5)  3,422    3,234        6   12,660   12,755       (1)
    Utilization             73%      77%       (5)     72%      84%      (14)
    Available days        4,712    4,178       13   17,564   15,156       16
    


    Overview
    --------

    Revenue for the fourth quarter of 2007 was $15.9 million (31%) higher
than the fourth quarter of 2006 and operating earnings were $4.5 million (53%)
higher than the fourth quarter of 2006. Year on year, revenue for 2007 was
$71.9 million (42%) higher and operating earnings were $15.4 million (48%)
higher than 2006.
    Revenue growth has been significant in both North America and South
America, driving the Corporation's revenue to a record level for the
fourteenth consecutive quarter. The Corporation has effectively executed its
planned expansion program in North America and has successfully improved
revenue per operating day by increasing prices, introducing new technology and
keeping existing rigs contracted and drilling.

    
    South America
    -------------

                             Three months ended             Years ended
    Selected operating           December 31                December 31
     data                  2007     2006        %     2007     2006        %
                        -----------------------------------------------------

    Revenue              33,509   25,014       34  119,901   94,826       26
    EBITDAS(1)           10,992    6,520       69   35,538   31,097       14
    Operating
     earnings(2)          8,825    4,940       79   27,274   24,912        9
                        -----------------------------------------------------
    Revenue per
     operating day         19.4     14.2       37     18.5     12.1       53

    Operating days(4)(5)
      Colombia              599      460       30    2,201    1,795       23
      Peru                  184      184        -      730      687        6
      Ecuador               668      776      (14)   2,595    3,046      (15)
      Venezuela             276      337      (18)     972    2,281      (57)
                        -----------------------------------------------------
    South America         1,727    1,757       (2)   6,498    7,809      (17)

    Utilization
      Colombia             100%     100%        -     100%     100%        -
      Peru                 100%     100%        -     100%      94%        6
      Ecuador               81%      94%      (14)     79%      93%      (15)
      Venezuela            100%      73%       37      86%      76%       13
                        -----------------------------------------------------
    South America           92%      91%        1      89%      89%        -
    


    Fourth Quarter Comparison

    Revenue for the fourth quarter of 2007 was $8.5 million (34%) higher than
the fourth quarter of 2006 with rigs fully utilized in all countries with the
exception of Ecuador. Operating days for the fourth quarter of 2007 were 30
below the fourth quarter of 2006 due to lower utilization in Ecuador
(lingering government transition issues which resulted in work stoppages and
well permitting delays for customers), and in Venezuela (in 2006 there was
activity on one of its light workover rigs that during 2007 was not marketed).
These decreases were offset in part by operating days on two additional rigs
(1.5 net) relocated to Colombia and contracted since the second quarter of
2007. Revenue per operating day for the fourth quarter of 2007 was 37% higher
than the fourth quarter of 2006. The increase was due to several factors:
higher dayrates were negotiated in Peru, Colombia and Venezuela; there were
fewer standby days in Peru and in Colombia where rigs were fully operational
for the quarter; and in Venezuela there was no light workover rig activity in
2007.
    Operating earnings for the fourth quarter of 2007 were 79% higher than
the fourth quarter of 2006 and higher as a percentage of revenue (fourth
quarter 2007 - 26%, fourth quarter 2006 - 20%). The increase is primarily due
to the improvement in revenue per operating day, and the fact that in the
fourth quarter of 2006, the Corporation incurred costs in Colombia relating to
 start-up of a rig moving from stand-by to drilling mode early in 2007. Items
that negatively affected fourth quarter 2007 operating earnings were a change
in the accounting policy for depreciation of drill string and idle equipment
($304,000) and the appreciation of the Colombian peso against the United
States dollar ($551,000). Since the second quarter of 2007 the Corporation has
implemented a hedging strategy to reduce the effect of any further
appreciation of the Colombian peso.

    Total Year Comparison

    Revenue for 2007 was $25.1 million (26%) higher than 2006. Operating Days
were 17% below 2006 but the prior year included 1,243 days for the Venezuela
light workover rigs that were not marketed during 2007. Excluding the
Venezuela light workover rigs, operating days were 68 below 2006. Utilization
was lower in Ecuador (government transition) and Venezuela, where one rig was
not contracted until the second quarter of 2007. These decreases were largely
offset by two (net 1.5) additional rigs placed under contract in Colombia in
the second quarter of 2007 and full utilization in Peru which was in start up
mode for part of the first half of 2006. Revenue per operating day in 2007 was
$18,500 compared to $12,100 in 2006. 2007 was positively affected by
negotiated dayrate increases, fewer standby days, three large lump sum
mobilizations, and a one time recovery of duties from a customer to
permanently import a rig in Venezuela.
    Operating earnings for 2007 were $2.4 million (9%) higher than 2006 but
lower as a percentage of revenue (2007 - 23%, 2006 - 26%). While the increases
in utilization and revenue per operating day positively affected operating
earnings, there were several offsetting factors that prevented a more
substantial improvement. These included: the appreciation of the Colombian
peso against the United States dollar in 2007 at a cost of approximately
$3.5 million; the initial mobilizations of three rigs and recovery of duty
costs to permanently import a rig in Venezuela at minimal margins; costs
incurred on the relocation of equipment from Venezuela to the United States;
lower revenue and utilization in Ecuador; and a change in the accounting
policy for depreciation of drill string and idle equipment which increased
expenses by $1.2 million.

    
    North America
    -------------

                             Three months ended             Years ended
    Selected operating           December 31                December 31
     data                  2007     2006        %     2007     2006        %
                        -----------------------------------------------------

    Revenue              34,547   27,168       27  120,940   75,625       60
    EBITDAS(1)           11,162    7,865       42   41,027   21,519       91
    Operating
     earnings(2)          7,073    5,461       30   27,449   14,190       93
                        -----------------------------------------------------
    Revenue per
     operating day         20.4     18.4       11     19.6     15.3       28

    Operating days(4)(5)
      United States       1,078      756       43    3,763    2,320       62
      Mexico                460      375       23    1,562    1,485        5
      Canada                157      346      (55)     837    1,141      (27)
                        -----------------------------------------------------
    North America         1,695    1,477       15    6,162    4,946       25

    Utilization
      United States         70%      68%        3      70%      78%      (10)
      Mexico               100%     100%        -     100%     100%        -
      Canada                19%      45%      (58)     25%      61%      (59)
                        -----------------------------------------------------
    North America           60%      66%       (9)     60%      78%      (23)
    


    Quarterly Comparison

    Revenue for the fourth quarter of 2007 was $7.4 million (27%) higher than
the fourth quarter of 2006. Operating days were 15% higher than the fourth
quarter of 2006, driven by three new rigs (1.5 net) deployed to Mexico during
the fourth quarter and the latter part of the third quarter 2007 and six to
the United States (including four ATS(R) rigs) over the course of the year.
The resulting increase was more than enough to offset the decline in operating
days in Canada due to continuing soft market conditions. Revenue per operating
day was 11% higher than the fourth quarter of 2006 due to negotiated dayrate
adjustments in Mexico to reflect market levels and higher dayrates in the
United States on the newly deployed ATS(R) rigs. These were offset in part by
a decline in Canada.
    Operating earnings for the fourth quarter of 2007 were $1.6 million (30%)
higher than the fourth quarter of 2006. Both the United States and Mexico
showed significant improvement in operating earnings on the higher activity
and higher revenue per operating day. These improvements were substantially
offset in Canada due to the lower activity and pricing pressure, repairs to a
damaged rig and a write-down taken on an idle, non-marketed rig that the
Corporation sold in January 2008. For 2007 the Corporation changed its policy
for depreciation of drill string and idle equipment resulting in an additional
$925,000 of depreciation in the fourth quarter of 2007.

    Total Year Comparison

    Revenue for 2007 was $45.3 million (60%) higher than 2006. Operating days
were 25% higher than 2006 driven by the new rigs in Mexico and the United
States and the steady build-up of activity in the United States since 2005.
These factors were offset by lower utilization in Canada, no activity on three
rigs in the United States that had been on lease contracts during 2006, and
the relocation of one (0.5 net) rig from Mexico to Colombia in the first
quarter of 2007. Revenue per operating day was $19,600 compared to $15,300 in
2006, the result of dayrates in Mexico being renegotiated to market rates in
late 2006 and early 2007, higher average dayrates on new rigs and a reduction
in lease activity in the United States.
    Operating earnings for 2007 were $13.3 million (93%) higher than 2006 and
higher as a percentage of revenue (2007 - 23%, 2006 - 19%) with both United
States and Mexico showing improvements on the increased activity and revenue
per operating day. These increases were offset by lower profitability in
Canada resulting from the lower utilization, repairs to the damaged rig in the
fourth quarter and the write-down on the rig sold in January 2008. The change
in policy for depreciation of drill string and idle equipment negatively
affected 2007 operating earnings for the segment by $3.5 million.

    
    Corporate and Other
    -------------------

                             Three months ended             Years ended
    Selected operating           December 31                December 31
     data                  2007     2006        %     2007     2006        %
                        -----------------------------------------------------
    Revenue                  44        -     NM(6)   1,487        -       NM
    EBITDAS(1)           (2,854)  (1,648)      73   (7,938)  (6,778)      17
    Operating
     earnings(2)         (2,842)  (1,860)      53   (7,324)  (7,126)       3
    

    Corporate and Other expenses have increased as infrastructure has been
built to support the established revenue growth and to have the depth to
pursue opportunities as they arise. Corporate expenses, primarily denominated
in Canadian dollars, increased $415,000 in the fourth quarter of 2007 and
$616,000 for the year as a result of the Canadian dollar's increased strength
against the United States dollar.

    Other Financial Information
    ---------------------------

    Working Capital and EBITDAS

    As a result of the Corporation's expansion and increased profitability,
EBITDAS increased by 52% to $19.3 million compared to $12.7 million in the
fourth quarter of 2006. For the year EBITDAS increased by 50% to $68.6 million
compared to $45.8 million in 2006.
    The Corporation finished the year with working capital of $18.2 million
compared to $12.1 million at December 31, 2006 due to the reclassification, to
current assets, of a Canadian rig that was sold in January 2008 and the
reduction in accounts payable as the Corporation's rig build program nears
completion.

    Financing Activities

    During the year the Corporation drew $41.0 million on its credit
facilities and repaid $33.0 million for a net increase of $8.0 million. For
the quarter, the Corporation drew $3.0 million on its credit facilities and
repaid $7.3 million. The net draws were used in conjunction with cash flow
from operations to finance the construction and acquisition of drilling rigs
and related equipment and upgrades.

    Investing Activities

    During the three and twelve month periods ended December 31, 2007 the
Corporation invested $12.8 million and $63.8 million respectively in property
and equipment as follows:

    
    -   $10.3 million and $55.3 million respectively for expansion of the
        drilling rig fleet; and
    -   $2.5 million and $8.5 million respectively on various capital
        upgrades to the Corporation's existing asset base.
    

    Outlook
    -------
    The Corporation is on the verge of completing its current rig deployment
programs, having constructed and delivered 9 new rigs to the United States and
Mexico during 2007, including 4 ATS(R) rigs. The one remaining ATS(R) rig is
expected to commence drilling in the United States during the first quarter of
2008. Once delivered, the Corporation will have a rig fleet of 58 (52.5 net);
37 (32 net) in North America and 21 (20.5 net) in South America.
    The Corporation believes that the fundamentals of the international
energy markets are strong and continue to present opportunities for growth.
Outside of Canada and Ecuador, utilization of the Corporation's fleet should
remain strong through 2008. While the Canadian market has been and should
remain challenging for 2008, and Ecuador has some uncertainties, the
Corporation's broader geographical presence has more than compensated and will
provide a platform for further expansion.
    As the current rig deployment programs wind down, the Corporation is in
an exceptional position to capitalize on its financial strength and
established infrastructure to explore new growth opportunities in existing or
new markets.

    
    Notes:
    ------
    1.  Neither Earnings before interest, taxes, depreciation, amortization
        and stock-based compensation ("EBITDAS") nor EBITDAS per share is a
        recognized measure under Canadian Generally Accepted Accounting
        Principles ("GAAP"). Management believes that in addition
        to cash flow from operations and net earnings, EBITDAS is a useful
        supplemental measure as it provides an indication of the operating
        cash flow generated by the Corporation's principal business
        activities. Readers should be cautioned that EBITDAS should not be
        construed as an alternative to cash flow from operations or net
        earnings determined in accordance with GAAP as an indicator of the
        Corporation's performance. The Corporation's method of calculating
        EBITDAS may differ from other companies and accordingly may not be
        comparable to measures used by other companies. EBITDAS is calculated
        as earnings before income taxes plus or minus loss or gain on
        disposal of property and equipment, plus or minus financial expense
        or income, plus or minus foreign exchange loss or gain, plus
        depreciation and amortization plus stock-based compensation expense.
    2.  Operating earnings is not a recognized measure under GAAP. Management
        believes that in addition to net earnings, operating earnings is a
        useful supplemental measure as it provides an indication of the
        results generated by the Corporation's principal business activities
        prior to consideration of how those activities are financed, how the
        results are taxed in various jurisdictions, or how the results are
        impacted by the accounting standards associated with the
        Corporation's stock-based compensation plans. Investors should be
        cautioned that operating earnings should not be construed as an
        alternative to net earnings determined in accordance with GAAP as an
        indicator of the Corporation's performance. The Corporation's method
        of calculating operating earnings may differ from other companies and
        accordingly may not be comparable to measures used by other
        companies. Operating earnings is calculated as earnings before income
        taxes plus or minus financial expense or income, plus stock-based
        compensation expense.
    3.  Excludes revenue generated in Corporate and Other.
    4.  Operating days is not a recognized measure under GAAP. Management
        believes that in addition to net earnings, operating days is a useful
        supplemental measure as it provides an indication of the utilization
        of the Corporation's asset base. The Corporation's method of
        calculating operating days may differ from other companies and may
        not be comparable to measures used by other companies. Operating days
        is the total of all drilling, completion, workover, mobilization,
        standby and other revenue days in the period.
    5.  Net to the Corporation.
    6.  Not measurable or meaningful "NM".


    Consolidated Balance Sheets:
    ----------------------------

    (Unaudited - $000's)                           December 31,  December 31,
                                                          2007          2006
                                                   --------------------------
    ASSETS
    Current assets:
      Cash and cash equivalents                         11,249        10,455
      Accounts receivable                               59,919        57,001
      Prepaid expenses and deposits                      3,703         3,040
      Long-lived asset held for sale                     4,245             -
                                                   --------------------------
                                                        79,116        70,496
    Property and equipment                             344,575       298,727
    Other accounts receivable                            2,570             -
    Intangible assets                                    1,277           460
    Goodwill                                             3,528         2,219
    Deferred financing charges                               -         2,575
                                                   --------------------------
                                                       431,066       374,477
                                                   --------------------------
                                                   --------------------------
    LIABILITIES AND SHAREHOLDERS' EQUITY
    Current liabilities:
      Accounts payable and accrued liabilities          27,031        30,221
      Income and other taxes payable                    14,065         5,490
      Current portion of long-term debt                 19,805        22,643
                                                   --------------------------
                                                        60,901        58,354

    Long-term debt                                      77,644        68,639
    Future income tax liability                            361           269
    Shareholders' equity:
      Share capital                                    217,704       213,950
      Share purchase warrants                                -         7,118
      Contributed surplus                               23,070        12,720
      Retained earnings                                 42,669        15,884
      Accumulated other comprehensive income (loss)      8,717        (2,457)
                                                   --------------------------
                                                        51,386        13,427
                                                   --------------------------
      Total shareholders' equity                       292,160       247,215
                                                   --------------------------
                                                       431,066       374,477
                                                   --------------------------
                                                   --------------------------


    Consolidated Statements of Operations and Retained Earnings:
    ------------------------------------------------------------

                                   Three months ended          Years ended
    (Unaudited - $000's except         December 31             December 31
     per share amounts)             2007        2006        2007        2006
                                ---------------------------------------------

    Revenue                       68,100      52,182     242,328     170,451
    Expenses:
      Direct operating            41,478      33,196     148,695     105,864
      General and administrative   7,322       6,249      25,006      18,749
      Stock-based compensation     1,245         990       4,683       3,780
      Accelerated stock-based
       compensation                    -           -           -       1,285
      Depreciation and
       amortization                6,484       4,114      22,084      14,049
      Foreign exchange
       (gain) loss                  (138)        258        (387)        257
      Financial expense            1,678       1,728       6,537       5,044
      Gain on disposal of
       property and equipment       (102)       (176)       (469)       (444)
                                ---------------------------------------------
                                  57,967      46,359     206,149     148,584
                                ---------------------------------------------

    Earnings before income taxes  10,133       5,823      36,179      21,867
    Income taxes
      Current                      2,069         815       8,519       5,121
      Future                         734         256         875       1,093
                                ---------------------------------------------
                                   2,803       1,071       9,394       6,214
                                ---------------------------------------------
    Net earnings                   7,330       4,752      26,785      15,653
    Retained earnings,
     beginning of year            35,339      11,132      15,884         231
                                ---------------------------------------------
    Retained earnings,
     end of year                  42,669      15,884      42,669      15,884
                                ---------------------------------------------
                                ---------------------------------------------
    Net earnings per share:
      Basic                         0.09        0.06        0.32        0.19
      Diluted                       0.09        0.06        0.32        0.19
                                ---------------------------------------------
                                ---------------------------------------------


    Consolidated Statements of Comprehensive Income
    -----------------------------------------------

                                   Three months ended          Years ended
                                       December 31             December 31
    (Unaudited - $000's)            2007        2006        2007        2006
                                ---------------------------------------------
    Net earnings                   7,330       4,752      26,785      15,653
    Unrealized gains (losses)
     recorded on translation
     of assets and liabilities
     of self-sustaining
     operations denominated in
     foreign currency                654      (3,071)     11,043      (3,040)
    Gains on derivatives
     designated as cash flow
     hedges, net of tax             (148)          -         131           -
                                ---------------------------------------------
    Comprehensive income           7,836       1,681      37,959      12,613
                                ---------------------------------------------
                                ---------------------------------------------


    Consolidated Statements of Cashflows:
    -------------------------------------

                                   Three months ended          Years ended
                                       December 31             December 31
    (Unaudited - $000's)            2007        2006        2007        2006
                                ---------------------------------------------
    Cash provided by (used in):

    Operating activities:
      Net earnings                 7,330       4,752      26,785      15,653
      Items not involving cash:
        Stock-based compensation   1,245         990       4,683       3,780
        Accelerated stock-based
         compensation                  -           -           -       1,285
        Depreciation and
         amortization              6,484       4,253      22,084      14,576
        Unrealized foreign
         exchange gain                81           -      (1,318)          -
        Other                        312           -       1,057           -
        Future income tax            734         256         875       1,093
        Gain on disposal of
         property and equipment     (102)       (176)       (469)       (444)
                                ---------------------------------------------
                                  16,084      10,075      53,697      35,943
      Change in non-cash
       working capital            (2,220)     (6,150)      2,360     (23,303)
                                ---------------------------------------------
                                  13,864       3,925      56,057      12,640
    Financing activities:
      Increase (decrease) in
       long-term debt             (4,306)     10,728       7,982      57,257
      Issue of share capital         720          88       2,303      20,122
      Restricted cash                  -           -           -       1,922
      Debt financing costs             -         (85)     (1,330)     (1,841)
      Capital lease obligations        -         (97)          -        (384)
      Change in non-cash
       working capital                 -           -           -        (171)
                                ---------------------------------------------
                                  (3,586)     10,634       8,955      76,905
    Investing activities:
      Additions to property
       and equipment             (12,834)    (16,930)    (63,826)    (70,512)
      Business acquisition             -           -           -     (55,186)
      Proceeds on disposal of
       property and equipment        276         976       2,420       3,351
      Change in non-cash
       working capital            (3,105)        165      (2,812)        (20)
                                ---------------------------------------------
                                 (15,663)    (15,789)    (64,218)   (122,367)
                                ---------------------------------------------

    Change in cash position       (5,385)     (1,230)        794     (32,822)
    Cash and cash equivalents,
     beginning of year            16,634      11,685      10,455      43,277
                                ---------------------------------------------
    Cash and cash equivalents,
     end of year                  11,249      10,455      11,249      10,455
                                ---------------------------------------------
                                ---------------------------------------------
    Interest paid                  2,043       1,764       8,287       5,278
    Interest received                136          63         408         890
    Income taxes paid              1,202         542       5,786       2,132
                                ---------------------------------------------
                                ---------------------------------------------
    


    The Corporation is an emerging international oilfield services company
that operates an established oil and gas drilling and workover business
focusing on providing these services to major and intermediate oil and gas
companies in North and South America. The common shares of the Corporation
trade on the TSX under the symbol "SES".

    Forward-Looking Information
    ---------------------------
    Certain information contained in this press release, including
information and statements which may contain words such as "could", "plans",
"should", "anticipates", "expects", "believes", "will", "forecasts", "budget"
and similar expressions and statements relating to matters that are not
historical facts, are forward-looking information including, but not limited
to, information as to expected: revenue and capital expenditures, including
the amount and nature thereof; oilfield service activity levels; rig
utilization; oil and gas prices and demand; expansion and other development
trends of the oil and gas industry; improvement in day rates; business
strategy; completion of rig and equipment construction and deployment; and
expansion and growth of the Corporation's business and operations, including
the Corporation's market share, and other such matters.
    This forward-looking information is based on certain material factors,
assumptions and analyses made by the Corporation in light of its experience
and its perception of historical trends, current conditions and expected
future developments as well as other factors it believes are appropriate in
the circumstances. In particular, our assessment as to the financial
performance and utilization of rigs outside Canada and Ecuador expected for
the year ending December 31, 2008 and deployment of the remaining new rig in
United States at the projected time is based upon rigs presently under
contract, the current demand for the Corporation's services plus the general
oil and gas services industry projection that the current demand should
continue through 2008 in the areas (other than Canada) where the Corporation
operates and the Corporation's ability to complete the new rig at the
projected time which the Corporation believes is achievable based on the
Corporation's recent experience in constructing rigs. However, whether actual
results, performance or achievements will conform with the Corporation's
conclusions, forecasts, projections, expectations and predictions expressed or
implied by the forward looking information in this press release is subject to
known and unknown risks and uncertainties which could cause actual results to
differ materially from the Corporation's conclusions, forecasts, projections,
expectations and predictions expressed or implied by the forward looking
information in this press release, including: fluctuations in the price and
demand of oil and gas; fluctuations in the level of oil and gas exploration
and development activities; fluctuations in the demand for the Corporation's
services; the ability of the Corporation to raise capital; the existence of
credit risk inherent within the international oil and gas services business;
competitors; technological changes and developments in the oil and gas
industry; the effects of unpredictable weather conditions on operations and
facilities; the existence of operating risks inherent in the Corporation's
services; identifying and acquiring suitable acquisition targets on reasonable
terms and successful integration of such targets when acquired; delays in
developing and constructing rigs and equipment for the Corporation including
difficulties in sourcing the services and the raw materials and parts at
reasonable prices for such rigs and equipment; political and labour unrest and
economic conditions in countries in which the Corporation does business;
foreign currency exchange rate fluctuations; general economic, market or
business conditions, including stock market volatility; changes in laws or
regulations, including taxation and environmental regulations; the lack of
availability of qualified personnel or management; other unforeseen conditions
which could impact on the use of services supplied by the Corporation and
those risks and uncertainties described in the Corporation's continuous
disclosure filings, including those referred to in the Corporation's
Management's Discussion and Analysis for the most recently completed financial
year end and in the Corporation's most recent Annual Information Form, all of
which may be found on SEDAR at www.sedar.com. If any of the above risks or
uncertainties materialize, or if the material factors, assumptions and
analyses applied by the Corporation are incorrect, actual results may vary
materially from those expected in the forward looking information in this
press release.
    Consequently, all of the forward-looking information contained in this
press release are qualified by these cautionary statements and there can be no
assurance that the actual results or developments anticipated by the
Corporation expressed or implied by the forward looking information in this
press release will be realized or, even if substantially realized, that they
will have the expected consequences to or effects on the Corporation or its
business operations. The Corporation assumes no obligation, except as required
by law, to update publicly any such forward-looking information, whether as a
result of new information, future events or otherwise. Readers should not
place undue reliance on forward-looking information.

    %SEDAR: 00009478E




For further information:

For further information: Dale E. Tremblay, President and C.E.O. - or -
Michael J. McNulty, Senior V.P. Finance and C.F.O., Saxon Energy Services
Inc., Telephone: (403) 716-4150, Fax: (403) 716-4151, www.saxonservices.com

Organization Profile

SAXON ENERGY SERVICES INC.

More on this organization


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890