DALLAS, Oct. 7 /CNW/ - Saxon Oil Company Ltd. ("Saxon") (PINK SHEETS: SXNOF) (TSX VENTURE: SXN) (FRANKFURT: OVG) (BERLIN: OVG) announces the successful results of the 2009 drilling program completed to date. Saxon released news earlier this year concerning the successful completion of the Eumont No.2 flowing oil well in New Mexico and Saxon recently approved the completion of the Western Oil and Gas Kardokus 7-10 well in the Lasley area of Caddo County, Oklahoma. The well commenced in August and reached total depth of 13,600 feet within 21 days of drilling. The well was evaluated and multiple gas bearing reservoirs were found including the objective Red Fork D and F sands. Production casing has been set to total depth and the well is currently awaiting completion. Saxon owns a 10.047 % working interest in the well. The Kardokus 7-10 will be Saxon's 30th producing well in the Lasley area.
Earlier this year, Saxon participated in two additional successful wells in the Lasley area, the Rosser 2-11 and the Williams 4-9. The Rosser 2-11 has been successfully completed in the Red Fork D and F sands and began flowing at rates of 1,205 Mcf per day on a 13/64 choke with 2,200 psi of flowing tubing pressure in August. Saxon has approximately a 1.5 percent interest in the Rosser 2-11. The Williams 4-9, where Saxon owns a 2.2% working interest, initially flowed gas at rates of approximately 1,200 Mcf per day.
Richard G. Green, President and CEO of Saxon stated "Saxon's 2009 drilling program has been a great success. The Eumont No.2 well has produced better than expected and the Kardokus 7-10 should be another great producer and marks a milestone as Saxon's 30th producer in the Lasley area. The Lasley project area continues to provide prolific, low risk development wells for Saxon which increases cash flow and offers attractive returns on investments."
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 statements.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy and accuracy of this Release.
SOURCE Saxon Oil Company Ltd.
For further information: For further information: Saxon Oil Company, Patrice Nazareno, Toll Free: 1-866-515-7708, Email: firstname.lastname@example.org