DALLAS, Feb. 5 /CNW/ - Saxon Oil Company Ltd. ("Saxon") (TSX VENTURE:SXN)
(FRANKFURT:OVG) (BERLIN:OVG) announced today the successful completion of the
Williams 3-9 well in the Lasley Field. The Williams 3-9, drilled in Caddo
County, Okla., to a total depth of 13,900 ft, was completed in the Red Fork
formation and began flowing to sales in late January 2008. The well is flowing
at a rate of 1.4 million cubic feet per day (MMcfd) and 11 barrels of oil per
day with a 2,500-psi tubing pressure. Saxon owns a 4.4 % working interest in
the Williams 3-9.
Saxon also announced the completion of the Tri-C Resources
Jackson-Williams 3 well in Jackson County, Tex. During production testing in
early February 2008 the well flowed at rates ranging from 1.0 to 1.7 MMcf per
day with flowing tubing pressures of 5,000 to 7,200 psi through chokes varying
from 5/64- to 8/64-inch in size. The well is currently being flared, but
should be connected to the pipeline and flowing to sales in the next few
weeks. Saxon owns slightly less than 1% working interest in the
Richard G Green, president and CEO of Saxon, commented "We are pleased
with the results of these wells and will monitor the production to identify
possible offset drilling locations. The wells will have a positive impact on
future cash flows."
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,