DALLAS, April 19 /CNW/ - Saxon Oil Company Ltd. ("Saxon" or the "Company") (TSX.V: SXN) (FRANKFURT: OVG) (PINK SHEETS: SXNOF) (BERLIN: OVG) is pleased to announce the closing of the previously announced non-brokered private placement and effective immediately, announcing C. Ted Wooten, as the new President of Saxon.
"We are excited to have Ted lead the Company" commented Steve Saxon. "Ted's broad technical and operational experience will benefit the development of Saxon's domestic and international projects and along with new capital, will allow the Company to further develop existing assets and pursue new projects".
Mr. Wooten has over 30 years of international oil and gas operational experience. His experience includes stimulation design and reservoir performance optimization, wellbore design and planning, including the use of 3D seismic data, drilling coordination, completion and production operations. Mr. Wooten has worked for Schlumberger, Kerr McGee, the University of Oklahoma, Halliburton, Bluegrass Energy and most recently as VP of Operations with MLC Operating.
Mr. Wooten received his B.S. in Petroleum Engineering from the University of Missouri-Rolla and has published articles on the Permian Basin and hydraulic fracturing.
The Company has issued an aggregate of 95,379,000 units at a price of C$.10 per unit for gross proceeds of C$9,537,900. Each unit consists of one common share of Saxon at a price of C$0.10 per unit and one share purchase warrant. Each warrant is exercisable into one common share at a price of C$0.15 until April 16, 2012. All of the shares and warrants issued under the private placement are subject to a four month hold period. The proceeds from the private placement will be used to advance the company's projects, reduce bank debt and ensure sufficient working capital for future growth.
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 international 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: email@example.com