DALLAS, November 8 /CNW/ - Saxon Oil Company Ltd. ("Saxon") (PINK
SHEETS:SXNOF) (TSX VENTURE:SXN) (FRANKFURT:OVG) (BERLIN:OVG) announced today
that drilling has commenced on its Eumont State #1well in Lea County, New
Mexico. The well is located near the western edge of Eumont Field and targets
the Yates, Grayburg-San Andres, Seven Rivers, and Queen Sand objectives. Saxon
has a 20% working interest in this well that has an anticipated gross drilling
and completing cost of $550,000, or a net cost to Saxon's interest of
$110,000. Offset drilling locations could exist if the well proves successful.
Both gas and oil reservoirs are present in this prolific, multi-pay field
which has been developed with more than 1,300 wells to date. The New Mexico
production records show wells adjacent and to the east of this well have
cumulative production exceeding 250,000 barrels of oil equivalent.
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: Saxon Oil Company Patrice Nazareno,