Saxon Oil Announces Extension of Term of Warrants and Exercise of Put Option

    DALLAS, Oct. 3 /CNW/ - Saxon Oil Company Ltd (the "Company")
(TSX VENTURE: SXN) (FRANKFURT:SXN) (BERLIN:SXN) announces that it has applied
to the TSX Venture Exchange (the "Exchange") for acceptance to extend the term
of 10,462,500 common share purchase warrants (the "Warrants") issued pursuant
to a brokered private placement that closed on May 10, 2007. The Warrants are
exercisable into common shares of the Company at an exercise price of $0.46
per share at any time until November 10, 2008. The Company is seeking
acceptance from the Exchange to extend the term of the Warrants for an
additional six months to May 10, 2009.
    The Company also wishes to announce the exercise in full of a put option
which was granted by the Company to Steven D. Saxon and members of his family
(collectively, the "Saxon Shareholders") pursuant to the Company's acquisition
of Saxon Oil Company ("Saxon Oil"), now the Company's wholly-owned subsidiary,
in April 2006. Pursuant to the exercise of the put option, the Company has
purchased all of the 16,873,375 shares of Class B stock of Saxon Oil held by
the Saxon Shareholders in consideration for the issuance of a corresponding
number of common shares of the Company. An aggregate of 5,062,013 of these
common shares will remain in escrow pursuant to a surplus security escrow
agreement among the Saxon Shareholders, the Company and Pacific Corporate
Trust Company dated April 12, 2006, and will be released over time in
accordance with the terms of the escrow agreement.

    About Saxon Oil Company Ltd:
    The Company is a Tier 1 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.

    %SEDAR: 00005554E

For further information:

For further information: Saxon Oil Company Ltd., Patrice Nazareno, Toll
Free: 1-866-515-7708, Email:

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Saxon Oil Company Ltd.

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