DALLAS, Sept. 23 /CNW/ - Saxon Oil Company Ltd ("Saxon") (TSX VENTURE:
SXN) (FRANKFURT:SXN) (BERLIN:SXN) is pleased to announce that AleAnna
Resources LLC ("AleAnna"), of which Saxon owns a 20% membership interest, has
executed a seismic contract with IMC Geophysical International Limited ("IMC")
to commence seismic operations immediately on 130 square kilometers within the
Corte dei Signori Block in Italy.
In March 2008, the Italian Ministry of Economic Development, approved
AleAnna's exploration application for the 248 sq. km. (62,000 acres) Corte dei
Signori area. The area is located in the Emilia-Romanga Region, in the Po
Valley, approximately 20 km east of the town of Ferrara.
"The execution of this contract with IMC is a major step," stated Mickey
McGhee, president of AleAnna. "IMC is a premier international 3d seismic
acquisition contractor and with the expected positive seismic data AleAnna
will build a strong exploration and production company to serve the domestic
Italian oil and gas markets." In Italy, AleAnna has an additional ten
"Applications for Exploration Permits" totaling 744,037 acres that have
received favorable opinion by the Technical Committee for Hydrocarbons and
Geothermics within the Italian Ministry of Economic Development. Eight of the
exploration permit applications, totaling 602,790 acres, are located in the Po
Valley in northern Italy, and two exploration permit applications totaling
141,247 acres are located in the Bradano Foredeep area in southern Italy.
Italy has been a major gas producing region in Europe since the late
1940's with over 4,300 wells drilled in several geologic provinces. The Po
Valley is the most prolific gas basin in Italy with gas recovered from high
quality sandstone reservoirs at shallow depths. AleAnna has secured an
excellent and substantial position in the Po Valley.
Richard G. Green, president and CEO of Saxon, stated, "Mickey McGhee has
done a great job leading AleAnna. AleAnna's accomplishments in receiving
Ministry approval for seismic operations in the Corte dei Signori area and
executing a contract are significant. Saxon is very excited about the
opportunities Saxon has acquired and identified in Europe."
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: Patrice Nazareno, 1-866-515-7708