Saxon Oil Announces Second Quarter 2008 Results



    DALLAS, Aug. 28 /CNW/ - Saxon Oil Company Ltd ("Saxon") (TSX VENTURE:
SXN) (FRANKFURT:SXN) (BERLIN:SXN) today reported revenue of $1,372,851 for the
three months ended June 30, 2008 compared to revenue of $426,115 for the three
months ended June 30, 2008, an increase of 222%. The increase in revenues was
due to higher product commodity prices and increased production from new and
existing wells. The Company posted a net gain of $129,829 for the three months
ended June 30, 2008, compared to a net loss of $505,560, for the three months
ended June 30, 2007.
    Revenue for the six months ended June 30, 2008 climbed to $2,283,515,
compared to revenue of $904,451 for the six months ended June 30, 2007, a 152%
increase. The Company had a net gain of $4,540 for the six months ended June
30, 2008, compared to a net loss of $864,709, for the six months ended June
30, 2007.
    Saxon's operational success continued throughout the first half of 2008.
Most notably, the Eumont State No. 1 exploratory well in Lea County, New
Mexico, completed in May 2008, continues to flow approximately 175 barrels of
oil per day with little water. The operator has applied for a new field status
with New Mexico regulatory authorities but no ruling has yet been announced.
Cumulative oil sales for the first 90 days of production exceeded 18,000
barrels of oil. Saxon owns a 15% working interest and a 12.5% net revenue
interest in this well and offset locations.

    
                       Selected Financial Information

    The following table sets forth selected consolidated financial data for
Saxon which has been derived from consolidated financial statements in
accordance with Canadian GAAP. The following financial data is expressed in
United States dollars:

    -------------------------------------------------------------------------
                                                     Quarters Ended June 30
                                                    -------------------------
                                                        2008         2007
    -------------------------------------------------------------------------
    Revenue                                         $ 1,372,851  $   426,115
    Net Income (loss)                               $   129,829  $  (505,560)
    Net income (loss) per share basic and diluted   $      0.00  $     (0.01)

    -------------------------------------------------------------------------
    

    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.
    Saxon's current oil and gas production comes from wells located in Texas,
New Mexico, North Dakota, Oklahoma, and Kansas. In addition, Saxon owns a 20%
membership interest in AleAnna Resources LLC, which owns a significant acreage
position in the Po Valley of Italy, and will commence 3d seismic operations in
the 4th quarter of 2008.

    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
statements.

    
    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

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Saxon Oil Company Ltd.

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