Saxon Announces a $10 Million Financing

    Not for Dissemination in the United States or to U.S. Persons

    VANCOUVER, BRITISH COLUMBIA, March 13 /CNW/ - Saxon Oil Company ("Saxon
Oil Company" or the "Company") (TSX Venture:SXN)is pleased to announce a $10
million financing of Units. Saxon has entered into an agreement with Canaccord
Capital Corporation to act as the lead agent (the "Agent") to market a private
placement financing of up to $10 million CDN on a commercially reasonable
efforts basis (the "Offering").

    Under the brokered private placement, the Company proposes to issue up to
25,000,000 units at CDN$0.40 per unit. Each unit will consist of one common
share and one common share purchase warrant. Each whole common share purchase
warrant will entitle the holder to acquire one common share at any time up to
18 months after the closing of the Offering at a price of CDN$0.46 per share.

    The proceeds of the private placement will be used for general working
capital. The closing of the offering is subject to certain conditions,
including completion of satisfactory due diligence by the Agent and regulatory

    In accordance with securities legislation currently in effect, the
securities issued pursuant to the Offering will have a restricted "hold"
period of four months plus one day from the date of closing of the Offering.

    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 participate whenever possible with quality partners with
specialized local expertise in project areas rather than prospects. This
strategy should 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,

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Saxon Oil Company Ltd.

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