Saxon Energy Services Inc. Announces Shareholder Approval of Arrangement



    CALGARY, July 15 /CNW/ - Saxon Energy Services Inc. ("Saxon") (TSX:SES)
today announced that at a special meeting held today its shareholders approved
the plan of arrangement involving Saxon, its shareholders, its option holders
and 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 (the "Arrangement").
Saxon also announced today that the Alberta Court of Queen's Bench has
approved 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.
    The special resolution approving the Arrangement was approved this
morning at a special meeting of shareholders by approximately 92.1% of the
votes cast by holders of common shares. As required under Canadian securities
laws, the special resolution approving the Arrangement was also approved by
approximately 91.9% of the votes cast by holders of common shares, excluding
votes cast in respect of shares that are required to be excluded for purposes
of the Arrangement pursuant to section 8.1(2) of Multilateral Instrument
61-101 Protection of Minority Security Holders in Special Transactions. Final
voting results will be made available on SEDAR at www.sedar.com in the coming
days.
    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.

    Forward-Looking Information

    Certain information contained in this press release, including
information and statements which may contain words such as "expect" 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, 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 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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