DALLAS, Aug. 26 /CNW/ - Saxon Oil Company Ltd. ("Saxon") (PINK SHEETS,
SXNOF) (TXS VENTURE: SXN) (FRANKFURT: OVG) (BERLIN: OVG) has engaged SMH
Capital, Inc. as exclusive financial advisor to consult with and assist the
company in identifying, evaluating and executing one or more strategic
alternatives available to Saxon. SMH Capital's energy practice is based in
Houston, Texas and provides full-service financial advisory and capital market
services to oil and gas clients, including private placements, mergers and
acquisitions, divestitures, restructurings and recapitalizations.
"Saxon has a diverse portfolio of attractive opportunities in North
America, Italy and Spain," said Saxon President and CEO Richard G. Green. "The
engagement of SMH Capital will help Saxon focus on maximizing the value of
several key assets."
Saxon owns 240 miles of gas gathering systems in Central Kansas, through
its wholly opened operating subsidiary Central Kansas Gas Gathering System.
The company has contributed the gathering system assets to a 50-50 joint
venture between Saxon and American Energies Pipeline, LLC, called Mid Kansas
Gathering System. The system provides regional producers with gathering,
processing, treating and other natural gas wellhead services.
In Italy, Saxon owns a 20% membership interest in AleAnna Resources, LLC,
which holds a 800,000-plus acreage position in the Po Valley and Bradano
Foredeep in Italy. The Italian Ministry of Economic Development has recently
granted exclusive exploration permits for six years for several tracts in
northeastern Italy. AleAnna has shot 3-D seismic in the Po Valley area to
evaluate shallow gas potential. Initial data processing indicates several
large structures. The company is finalizing locations and plans to submit a
drilling permit shortly.
Saxon also owns 100% of Hidrocarburos Del Cantabrico in Spain, which
grants Saxon the rights to all hydrocarbons produced from a licensed area,
which includes abandoned coal mines with an estimated reserve potential of 27
billion cubic feet of coal mine methane.
About Saxon Oil Company Ltd:
Saxon Oil Company is a Tier One Texas-based Canadian company, trading on
the TSX Venture Exchange under the symbol SXN. The Company is an independent
oil and gas company engaged in the acquisition, development and production of
oil and natural gas reserves. The Company seeks to deliver strong shareholder
returns through an effective exploration and development program that
incorporates sound business practices with the latest oil field technologies.
The goal is to steadily increase proven reserves of oil and natural gas -
which, in turn, will lead to enhanced cash flows and earnings per share.
This press release includes certain "Forward-Looking Statements" within
the meaning of section 21E of the United States Securities Exchange Act of
1934, as amended. All statements, other than statements of historical fact,
included herein, including without limitation, statements regarding plans for
completion, production potential, other targeted areas and expansion and
development plans and objectives of Saxon Oil Company Ltd. are forward-looking
statements that involve various risks and uncertainties. There can be no
assurance that such statements will prove to be accurate and actual results
and future events could differ materially from those anticipated in such
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy and accuracy of this Release.
For further information:
For further information: Saxon Oil Company, Patrice Nazareno, Toll Free:
1-866-515-7708, Email: email@example.com