Saxon announces second quarter results



    TSX Symbol: SES

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

    CALGARY, July 31 /CNW/ - Saxon Energy Services Inc. ("Saxon" or the
"Corporation") is pleased to announce its second quarter results.
    For the second quarter of 2008 the Corporation generated $73.3 million in
revenue and net earnings of $6.8 million ($0.08 per diluted share) compared to
revenue of $56.6 million and net earnings of $4.6 million ($0.05 per diluted
share) in the second quarter of 2007. On a year-to-date basis, the Corporation
generated $145.5 million in revenue and net earnings of $11.9 million ($0.14
per diluted share) compared to revenue of $111.6 million and net earnings of
$12.6 million ($0.15 per diluted share) in the prior year.

    
    Highlights
    ----------
                               Three months ended           Six months ended
                                          June 30                    June 30
    ($000's except per
     share amounts and     2008     2007        %     2008     2007        %
     operating data)    -----------------------------------------------------

    Revenue              73,302   56,635       29  145,462  111,560       30
    EBITDAS (1)          18,409   13,755       34   37,070   32,784       13
    Operating
     earnings (2)        12,908    8,284       56   24,196   22,103        9
    Net earnings          6,758    4,601       47   11,876   12,618       (6)
    Cash flow from
     operations          13,725   16,325      (16)  29,639   30,714       (4)
                        -----------------------------------------------------
    EBITDAS per
     share ($) (1)
      Basic                0.22     0.16       38     0.44     0.39       13
      Diluted              0.21     0.16       31     0.43     0.39       10
                        -----------------------------------------------------
    Net earnings per
     share ($)
      Basic                0.08     0.05       60     0.14     0.15       (7)
      Diluted              0.08     0.05       60     0.14     0.15       (7)
                        -----------------------------------------------------
    Weighted average
     share (000's)
      Basic              84,667   84,181        1   84,627   84,060        1
      Diluted            86,581   85,554        1   85,890   84,866        1
                        -----------------------------------------------------
    Revenue per
     operating day (3)     22.4     18.4       22     21.8     18.1       20
    Operating
     days (4) (5)         3,272    3,049        7    6,679    6,123        9
    Available days (5)    4,880    4,291       14    9,624    8,405       15
                        -----------------------------------------------------
    Utilization             67%      71%               69%      73%


    Overview

    Revenue for the second quarter of 2008 was $16.7 million (29%) higher than
the second quarter of 2007. Operating days increased by 7%, driven by rig
fleet expansion in the U.S. and Mexico and rig redeployments in South America,
but was partially offset by a decline in activity in Ecuador. Revenue per
operating day was 22% higher than the second quarter of 2007. Operating
earnings increased $4.6 million (56%) compared to the second quarter of 2007,
mainly the result of additional rigs deployed since the second quarter of 2007
into the U.S. and Mexico and day rate increases in Colombia and Venezuela.
    On a year-to-date basis in 2008 revenue was $33.9 million (30%) higher
than the same period in 2007. Operating days increased by 9%, the result of
rig fleet expansion in the U.S. and Mexico since the beginning of 2007 and rig
redeployments in Colombia. This increase in activity was offset in part by a
reduction in Canadian activity due to soft market conditions and a reduction
in activity in Ecuador due to an uncertain political environment. Operating
earnings were $2.1 million higher than the same period in 2007 fueled by
increases in activity and dayrates but also offset somewhat by a number of
non-recurring items primarily occurring in the first quarter of 2008.

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

                       Three months ended June 30   Six months ended June 30
    Selected
     operating data        2008     2007        %     2008     2007        %
                        -----------------------------------------------------

    Revenue              35,747   31,160       15   68,302   53,725       27
    EBITDAS               9,503    7,905       20   18,136   15,213       19
    Operating earnings    7,732    5,627       37   13,566   11,023       23
                        -----------------------------------------------------
    Revenue per
     operating day         24.7     18.0       37     23.7     17.3       37

    Operating days
      Colombia              623      553       13    1,215    1,003       21
      Peru                  182      182        -      364      362        1
      Ecuador               384      757      (49)     792    1,323      (40)
      Venezuela             258      240        8      511      420       22
                        -----------------------------------------------------
    South America         1,447    1,732      (16)   2,882    3,108       (7)

    Utilization
      Colombia              95%     100%               98%     100%
      Peru                 100%     100%              100%      94%
      Ecuador               51%      92%               50%      81%
      Venezuela             95%      88%               94%      73%
                        -----------------          -----------------
    South America           78%      95%               77%      87%
                        -----------------          -----------------

    Revenue for the second quarter of 2008 was $4.6 million (15%) higher than
the second quarter of 2007 with all countries at or near full utilization with
the exception of Ecuador. Operating days were 285 (16%) below the second
quarter of 2007. Average revenue per operating day was 37% higher than the
second quarter of 2007. The overall increase in revenue was the result of
several factors including higher dayrates in Colombia, Peru and Venezuela
($3.6 million), higher activity in Colombia and Venezuela ($1.7 million),
higher reimbursable revenue ($500,000) and a stronger Colombian peso
($800,000). These positive factors were offset in part by the decline in
workover activity in Ecuador ($2.3 million) as the current political climate
is not conducive to new international investments and has impacted our
clients' workover programs.
    Operating earnings for the second quarter of 2008 were $2.1 million (37%)
higher than the second quarter of 2007 and improved as a percentage of revenue
(2008: 22%; 2007: 18%). Higher day rates and activity in Colombia, Peru and
Venezuela helped boost operating earnings but was tempered by a loss incurred
on a rig mobilization ($700,000) and increased maintenance costs ($300,000).
    On a year-to-date basis in 2008 revenue was $14.6 million (27%) higher
compared to the same period in 2007 with all countries at or near full
utilization with the exception of Ecuador. Operating days were 226 below that
of 2007 as additional days from rigs redeployed into Colombia and a rig in
Venezuela that was idle in the first quarter of 2007 were offset by decreased
operating days in Ecuador. Revenue per operating day was 37% higher than 2007.
    On a year-to-date basis, operating earnings were $2.5 million higher
compared to the same period last year.

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

                       Three months ended June 30   Six months ended June 30
    Selected
     operating data        2008     2007        %     2008     2007        %
                        -----------------------------------------------------

    Revenue              37,512   24,974       50   77,083   57,334       34
    EBITDAS              13,162    7,602       73   26,511   20,932       27
    Operating earnings    9,368    4,722       98   18,560   14,851       25
                        -----------------------------------------------------
    Revenue per
     operating day         20.6     19.0        8     20.3     19.0        7

    Operating days
      United States       1,250      910       37    2,510    1,746       44
      Mexico                556      371       50    1,017      739       38
      Canada                 19       36      (47)     270      530      (49)
                        -----------------------------------------------------
    North America         1,825    1,317       39    3,797    3,015       26

    Utilization
      United States         72%      71%               74%      71%
      Mexico               100%     100%              100%     100%
      Canada                 3%       4%               19%      33%
                        -----------------          -----------------
    North America           61%      53%               64%      62%
                        -----------------          -----------------

    Revenue for the second quarter of 2008 was up $12.5 million (50%) from the
second quarter of 2007, primarily the result of additional operating days
($10.2 million), higher average day rates ($1.0 million) and higher
reimbursable revenues ($1.7 million), offset in part by lower lease revenue
($400,000). Operating days rose by 508 (39%), the result of the deployment of
five new ATS(R) rigs into the U.S. since the second quarter of 2007 and three
(1.5 net) new ATD(R) rigs into Mexico. Excluding the effect of low margin
reimbursable revenue, revenue per operating day was 3% higher than the second
quarter of 2007 and added $1.0 million to revenue as the newly deployed rigs
generated higher average revenue per operating day. The effect of the new
Mexico and U.S. rigs on average day rates was offset in part by the effect of
lower rates while three rigs in Mexico were on standby between contracts
during part of April. Consistent with the prior year quarter, operations in
Canada were reduced to almost nil, the result of an expected seasonal drilling
slowdown that commonly occurs during spring break-up.
    Operating earnings for the second quarter of 2008 were $4.6 million (98%)
higher than the second quarter of 2007 and improved as a percentage of revenue
(2008: 25%; 2007: 19%) due to increased activity and average dayrates.
Operating earnings as a percent of revenue was negatively affected by the
increase in low margin reimbursable revenue which does not generate
significant operating earnings.
    On a year-to-date basis revenue increased $19.7 million compared to 2007,
the result of 782 more operating days ($14.9 million), higher average dayrates
($900,000) and higher reimbursable revenues ($3.9 million). Operating days
rose due to the deployment of seven new rigs into the U.S. (including five
ATS(R) rigs) since the beginning of 2007 and three (1.5 net) new ATD(R) rigs
into Mexico. The positive impact of these deployments was dampened by the
significant decline in Canadian activity in the first quarter of 2008 compared
to the same period in 2007 as soft market conditions reduced operating days
and dayrates. The effect of higher dayrates on newly deployed rigs in the U.S.
was partially offset by the lower Canadian dayrates and the fact that certain
rigs in Mexico earned reduced dayrates on standby mode in the first quarter
and first part of the second quarter of 2008 while awaiting redeployment to
new contracts.
    For the six months ended June 30, 2008 operating earnings were
$3.7 million (25%) higher compared to the same period in 2007 but declined as
a percentage of revenue (2008: 24%; 2007: 26%).

    Corporate and Other
    -------------------
                               Three months ended           Six months ended
    Selected                              June 30                    June 30
     operating data        2008     2007        %     2008     2007        %
                        -----------------------------------------------------
    Revenue                  43      501      (91)      77      501      (85)
    EBITDAS              (4,256)  (1,752)     143   (7,577)  (3,361)     125
    Operating earnings   (4,192)  (2,065)     103   (7,930)  (3,771)     110
                        -----------------------------------------------------

    Compared to the prior year quarter Corporate and Other expenses have
increased as the Corporation incurred $900,000 of transaction costs relating
to the pending acquisition of the Corporation's shares by Sword Canada
Acquisition Corporation ("Sword"), an acquisition company indirectly jointly
owned by Schlumberger Oilfield Holdings Limited and an affiliate of a fund
managed by First Reserve Corporation. Corporate and Other costs also increased
due to the addition of resources to support the Corporation's growing
international operations ($900,000). Expenses in this segment were negatively
impacted by the increased strength of the Canadian dollar against the U.S.
dollar ($200,000), but this was partially offset by a foreign exchange gain of
$100,000 related to net monetary assets compared to a loss of $300,000 in the
prior year quarter. In the second quarter of 2007 this segment recorded
revenue related to fees earned for managing the construction of drilling rigs
for deployment in Mexico; no such revenue was earned in the second quarter of
2008.
    On a year-to-date basis, acquisition related transaction costs totaled
$1.3 million and the added corporate resources resulted in additional costs of
$1.6 million. The impact of the increased strength of the Canadian dollar
compared to the U.S. dollar negatively impacted this segment by $500,000.
Revenue generated by this segment in 2007 related to fees earned for managing
the construction of drilling rigs for deployment in Mexico; no such revenue
was earned in 2008.

    Income Taxes

    The Corporation's effective tax rate increased to 35% in the second
quarter of 2008 compared to 17% in the prior year quarter. In the second
quarter of 2008 the effective tax rate increased as the Corporation's
operations were weighted more towards jurisdictions with higher statutory tax
rates, particularly in the U.S., and the fact that the value of Canadian tax
losses were lower due to the utilization of a lower future tax recovery rate.
Additionally, in the second quarter of 2007 the Corporation recognized the
benefit of a capital investment incentive deduction in Colombia of $507,000
related to the importation of a drilling rig from Venezuela.
    On a year-to-date basis the Corporation's effective tax rate increased to
37% compared to 25% in the prior year. In addition to those items mentioned
above, the effective tax rate was further affected by a $1.5 million
non-deductible provision for prior years' value added taxes in Venezuela
recorded in the first quarter of 2008.

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

    Working Capital

    At June 30, 2008 the Corporation had a working capital deficiency of $17.1
million compared to an excess of $18.2 million at December 31, 2007. The
deficiency is primarily due to the reclassification of the Corporation's
revolving credit facility to current liabilities as it was not renewed in the
quarter and will be due in June 2009. In the first quarter of 2008 the
Corporation also classified an additional quarterly principal payment on its
debt facilities to current liabilities (in June 2007 the Corporation received
a principal repayment holiday on its term debt facility until May 2008 at
which time principal repayments restarted in 11 quarterly installments).

    Financing Activities

    In the second quarter of 2008 the Corporation drew $6.0 million under its
revolving credit facility and made $6.5 million in scheduled repayments
against its term facilities.
    On a year-to-date basis the Corporation drew $9.0 million under its
revolving credit facility and made $12.0 million in repayments. The
Corporation also made $6.8 million in scheduled repayments against its term
facilities. The net repayments were funded through cash flow from operations
and proceeds received on the sale of an idle Canadian drilling rig.

    Investing Activities

    During the three and six months ended June 30, 2008 the Corporation
invested $14.7 million and $25.1 million respectively in property and
equipment as follows:

    -  $12.2 million and $19.7 million for expansion of the drilling rig
       fleet; and
    -  $2.5 million and $5.4 million on various capital upgrades to the
       Corporation's existing asset base.

    Outlook

    On July 15, 2008 the Corporation's shareholders approved the plan of
arrangement involving Saxon, its shareholders, its option holders and Sword,
an acquisition company indirectly jointly owned by Schlumberger Oilfield
Holdings Limited and an affiliate of a fund managed by First Reserve
Corporation (the "Arrangement"). As previously announced, the Arrangement
involves the acquisition of all of Saxon's outstanding common shares for cash
consideration of Cdn$7.00 per share, other than a portion of the common shares
held by certain members of senior management of Saxon which are expected to be
exchanged for equity in an affiliate of Sword.
    Completion of the Arrangement remains subject to a number of conditions,
some of which are beyond Saxon's and Sword's control. Although the exact
timing of implementation of the Arrangement is not currently known, both Saxon
and Sword currently expect the closing to occur by the end of August 2008.
    In view of these recent announcements there will be no conference call to
discuss these results.

    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 stock-based compensation,
        plus or minus financial expense or income, plus or minus foreign
        exchange loss or gain, plus depreciation and amortization.
    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 stock-based compensation, plus or minus financial expense
        or income.
    3.  Revenue per operating day 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.


    CONSOLIDATED BALANCE SHEETS

    (Unaudited - $000's)                               June 30,  December 31,
                                                          2008          2007
                                                  --------------------------
    Assets
    Current assets
      Cash and cash equivalents                         10,342        11,249
      Accounts receivable                               63,332        59,919
      Prepaid expenses and deposits                      3,691         3,703
      Long-lived asset held for sale                         -         4,245
                                                  --------------------------
                                                        77,365        79,116

    Property and equipment                             355,561       344,575
    Other accounts receivable                            2,220         2,570
    Intangible assets                                      897         1,277
    Goodwill                                             3,271         3,528
                                                  --------------------------
                                                       439,314       431,066
                                                  --------------------------
                                                  --------------------------
    LIABILITIES AND SHAREHOLDERS' EQUITY
    Current liabilities
      Accounts payable and accrued liabilities          30,765        27,031
      Income and other taxes payable                    13,671        14,065
      Current portion of long-term debt                 50,042        19,805
                                                  --------------------------
                                                        94,478        60,901

    Long-term debt                                      37,926        77,644
    Future income tax liability                          2,462           361

    Shareholders' equity
      Share capital                                    218,296       217,704
      Contributed surplus                               25,027        23,070

      Retained earnings                                 54,545        42,669
      Accumulated other comprehensive income             6,580         8,717
                                                  --------------------------
                                                        61,125        51,386
                                                  --------------------------

    Total shareholders' equity                         304,448       292,160
                                                  --------------------------

                                                       439,314       431,066
                                                  --------------------------
                                                  --------------------------


    Consolidated Statements of Operations and Retained Earnings

    (Unaudited - $000's
     except per share
     amounts)                      Three months ended      Six months ended
                                         June 30                 June 30
                                    2008        2007        2008        2007
                                 --------------------------------------------

    Revenue                       73,302      56,635     145,462     111,560
    Expenses
      Direct operating            46,391      36,958      92,517      67,692
      General and
       administrative              8,502       5,922      15,875      11,084
      Depreciation
       and amortization            6,161       4,974      12,346      10,125
      Foreign exchange (gain)
       loss                         (360)        710         820         872
      Financial expense            1,454       1,554       3,195       3,174
      Stock-based compensation     1,027       1,168       2,175       2,178
      Gain on disposal of
       property and equipment       (300)       (213)       (292)       (316)
                                 --------------------------------------------
                                  62,875      51,073     126,636      94,809
                                 --------------------------------------------
    Earnings before income
     taxes                        10,427       5,562      18,826      16,751
    Income taxes
      Current                      2,040       2,056       4,897       4,265
      Future (reduction)           1,629      (1,095)      2,053        (132)
                                 --------------------------------------------
                                   3,669         961       6,950       4,133
                                 --------------------------------------------
    Net earnings                   6,758       4,601      11,876      12,618
    Retained earnings,
     beginning of period          47,787      23,901      42,669      15,884
                                 --------------------------------------------
    Retained earnings,
     end of period                54,545      28,502      54,545      28,502
                                 --------------------------------------------
                                 --------------------------------------------
    Net earnings per share
      Basic                         0.08        0.05        0.14        0.15
      Diluted                       0.08        0.05        0.14        0.15
                                 --------------------------------------------
                                 --------------------------------------------


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

    (Unaudited - $000's)          Three months ended       Six months ended
                                        June 30                 June 30
                                    2008        2007        2008        2007
                                 --------------------------------------------

    Net earnings                   6,758       4,601      11,876      12,618
    Unrealized gains (losses)
     recorded on translation of
     assets and liabilities of
     self-sustaining operations
     denominated in foreign
     currency                        569       5,349      (2,129)      6,035

    Gains on derivatives
     designated as cash flow
     hedges in prior periods
     transferred to net earnings
     during the period, net
     of tax                         (211)          -        (446)          -

    Gains and losses on
     derivatives designated
     as cash flow hedges,
     net of tax                       41           -         438           -
                                 --------------------------------------------
    Comprehensive income           7,157       9,950       9,739      18,653
                                 --------------------------------------------
                                 --------------------------------------------


    Consolidated Statements of Cash Flows

    (Unaudited - $000's)          Three months ended       Six months ended
                                        June 30                 June 30
                                    2008        2007        2008        2007
                                 --------------------------------------------

    Cash provided by (used in):

    Operating activities
      Net earnings                 6,758       4,601      11,876      12,618
      Items not involving cash:
        Depreciation
         and amortization          6,161       4,974      12,346      10,125
        Stock-based compensation   1,027       1,168       2,175       2,178
        Unrealized foreign
         exchange (gain) loss       (158)          -         255           -
        Other                        301         219         603         434
        Future income tax
         (reduction)               1,629      (1,095)      2,053        (132)
        Gain on disposal of
         property and equipment     (300)       (213)       (292)       (316)
                                 --------------------------------------------
                                  15,418       9,654      29,016      24,907
      Change in non-cash
       working capital            (1,693)      6,671         623       5,807
                                 --------------------------------------------
                                  13,725      16,325      29,639      30,714
    Financing activities
      Long-term debt                (497)        275      (9,796)      6,572
      Issue of share capital         374       1,152         374       1,491
      Debt financing costs             -        (300)          -        (532)
      Intangible assets                -        (763)          -        (763)
                                 --------------------------------------------
                                    (123)        364      (9,422)      6,768
    Investing activities
      Additions to property
       and equipment             (14,739)    (12,304)    (25,131)    (28,896)
      Proceeds on disposal of
       property and equipment        307       1,107       4,486       1,256
      Change in non-cash
       working capital              (441)     (5,449)       (479)     (4,167)
                                 --------------------------------------------
                                 (14,873)    (16,646)    (21,124)    (31,807)
                                 --------------------------------------------

    Change in cash position       (1,271)         43        (907)      5,675
    Cash and cash equivalents,
     beginning of year            11,613      16,087      11,249      10,455
                                 --------------------------------------------
    Cash and cash equivalents,
     end of year                  10,342      16,130      10,342      16,130
                                 --------------------------------------------
                                 --------------------------------------------
    Interest paid                  1,207       2,296       2,933       4,226
    Interest received                 37          90         129         116
    Income taxes paid              3,335       1,255       4,296       2,799
                                 --------------------------------------------
                                 --------------------------------------------
    

    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 the completion of acquisition of all of the shares of
the Corporation by Sword Canada Acquisition Corporation ("Sword") by way of
plan of arrangement involving the Corporation, its shareholders, its option
holders and Sword, an acquisition company indirectly jointly owned by
Schlumberger Oilfield Holdings Limited and an affiliate of a fund managed by
First Reserve Corporation ("Arrangement").
    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. 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: the transaction to acquire all of the shares of the
Corporation by Sword may not close for various reasons including, on account
of conditions of closing not being fulfilled or a competing bid; and those
risks and uncertainties described in the Corporation's continuous disclosure
filings, including those referred to in the Corporation's Information Circular
dated June 13, 2008 related to the Arrangement and 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 or other
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 is 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

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SAXON ENERGY SERVICES INC.

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