Saxon Energy Services Inc. and Sword Canada Acquisition Corporation Announce Closing of Plan of Arrangement



    (TSX - SES)

    CALGARY, Aug. 28 /CNW/ - Saxon Energy Services Inc. ("Saxon") and Sword
Canada Acquisition Corporation ("Sword") are pleased to announce that the
acquisition of Saxon by Sword pursuant to a plan of arrangement (the
"Arrangement") was completed today.
    Under the Arrangement, holders of Saxon's outstanding common shares (the
"Shares") are entitled to receive $7.00 per Share, other than certain members
of senior management of Saxon who received equity of Sword as consideration
for a portion of their Shares. The Shares are expected to be de-listed from
the Toronto Stock Exchange on August 29, 2008. In order to receive the
consideration for their Shares, Saxon shareholders must surrender the
certificates representing their Shares in accordance with the instructions set
forth in the Information Circular of Saxon dated June 13, 2008 and the
accompanying letters of transmittal. Any questions and requests for assistance
may be directed to the offices of the depositary, Olympia Trust Company, at
(403) 261-0900 or (416) 364-8081 or by email at
corporateactions@olympiatrust.com.
    Saxon 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. Saxon will retain its current management team and
will continue to do business under the name Saxon Energy Services Inc. Thomas
Weisel Partners Canada Inc. acted as financial advisor to Saxon with regard to
the Arrangement.
    Sword is an acquisition company that is indirectly jointly owned by an
affiliate of a fund managed by First Reserve Corporation ("First Reserve"),
together with Schlumberger Oilfield Holdings Limited, and directly owned by
certain members of the senior management of Saxon.
    First Reserve is one of the world's leading private equity firms,
focusing on the energy industry. RBC Capital Markets group acted as financial
advisor to First Reserve in respect of the Arrangement.
    Schlumberger Oilfield Holdings Limited is a subsidiary of Schlumberger
Limited ("Schlumberger"), the world's leading oilfield services company. In
2007, Schlumberger's revenue was US$23.28 billion. CIBC World Markets acted as
financial advisor to Schlumberger Oilfield Holdings Limited in respect of the
Arrangement.

    Forward-Looking Information
    ---------------------------
    Certain information contained in this press release, including
information and statements which may contain words such as "anticipated",
"expect" and similar expressions and statements relating to matters that are
not historical facts, are forward-looking information.
    This forward-looking information is based on certain material factors,
assumptions and analyses made by Saxon 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 Saxon'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 Saxon's
conclusions, forecasts, projections, expectations and predictions expressed or
implied by the forward-looking information in this press release, including
those risks and uncertainties described in Saxon's continuous disclosure
filings, in its Management's Discussion and Analysis for the most recently
completed financial year end and in its 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 Saxon 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 Saxon
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 Saxon or its business operations. Saxon
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 CEO, Tel: (403)
716-4150; Michael J. McNulty, Senior VP, Finance and CFO, Tel: (403) 716-4150

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SAXON ENERGY SERVICES INC.

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