Saxon Energy Services Inc. Announces Receipt of Final Regulatory Approval and Announces Anticipated Closing by the End of August 2008



    CALGARY, Aug. 13 /CNW/ - Saxon Energy Services Inc. ("Saxon") (TSX: SES)
is pleased to announce that on August 12, 2008, the European Commission
cleared the proposed acquisition of Saxon by Sword Canada Acquisition
Corporation, an acquisition company indirectly jointly owned by Schlumberger
Oilfield Holdings Limited and an affiliate of a fund managed by First Reserve
Corporation. All governmental approvals required for the completion of the
acquisition have now been received.
    Saxon anticipates that the closing of the acquisition will occur by the
end of August 2008.

    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.

    
    Forward-Looking Information
    ---------------------------
    

    Certain information contained in this press release, including
information and statements which may contain words such as "anticipates",
"expect", "proposed" 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 the
acquisition of all of the shares of Saxon (the "Corporation") by Sword Canada
Acquisition Corporation.
    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 Canada Acquisition Corporation may
not close for various reasons including, on account of conditions of closing
not being fulfilled or the closing may be delayed beyond August 2008 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 CEO, Tel: (403)
716-4150; Michael J. McNulty, Senior VP, Finance and CFO, Tel: (403) 716-4150

Organization Profile

SAXON ENERGY SERVICES INC.

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