DALLAS, December 17 /CNW/ - Saxon Oil Company Ltd. ("Saxon") (PINK
SHEETS:SXNOF) (TSX VENTURE:SXN) (FRANKFURT:OVG) (BERLIN:OVG) announced today
that Western Oil and Gas, operator of the Lasley Project, has commenced
drilling the Williams 3-9 well in Caddo County Oklahoma. The well has an
estimated total depth of approximately 14,000 ft and will target multiple Red
Fork sands. Saxon has a 4.4% interest in this development well. The estimated
cost to drill and complete this well is $2.2 million USD. Lasley Field is the
largest concentration of gas wells in Saxon's portfolio of oil and gas
Completion operations continue on the Eumont State well in New Mexico and
on the Jackson-Williams Unit well in South Texas. Production is anticipated in
the first quarter of 2008 on both of these wells. Saxon owns a 15% interest in
the Eumont well and a 0.88% interest in the Jackson Williams well.
Comstock Resources has delayed drilling of the Arnold Rust 1-3 well in
Oak Hill Field until the second quarter of 2008. Saxon is the second largest
owner in this well with an 18.7% interest. The Arnold Rust 1-3 is another
development well in the Cotton Valley play. Earlier this fall Saxon
successfully completed the Arnold Rust 2-3 gas well on an adjacent lease.
In other news, Saxon has agreed to participate in a 2,755-acre
proprietary 3-D seismic survey in Ellis and Rooks Counties, Kansas. The target
area involves five oil companies and will be conducted by a Denver-based
seismic acquisition company. Saxon has 160 acres and a producing well
("Marianna") within the boundary of the seismic survey. The Marianna well and
the acreage were acquired with the producing wells purchased from Castle
Resources in August 2007. The seismic survey will identify potential drilling
locations on the Saxon acreage.
In the last month Saxon was successful in acquiring additional minority
interests in five oil leases in Kansas in which Saxon currently owns majority
interest. The interests acquired averaged over 3%. Saxon Oil Company currently
operates 26 wells in Kansas.
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,