DALLAS, October 29 /CNW/ - Saxon Oil Company Ltd. ("Saxon") (PINK SHEETS:
SXNOF) (TSX VENTURE: SXN) (FRANKFURT: OVG) (BERLIN: OVG) has agreed to
participate in the completion of an exploration well operated by Tri-C
Resources of Corpus Christi, Texas. As previously announced, drilling of the
Jackson-Williams #3 well commenced on September 1, 2007. The operator reached
a total depth of 13,856 feet on October 23, 2007 and subsequently evaluated
the well using electric logs, which indicated multiple productive gas sands
between 11,000 and 13,600 feet in the over-pressured Wilcox section. During
the drilling process the well encountered reservoir pressures in excess of
The well is part of an exploratory test on a new fault block in the
Morales East Field of Jackson County, Texas. When completed the
Jackson-Williams #3 well will be the fourth well in the area for Saxon.
Morales East is a prolific gas producing field with significant historical
production from multiple sandstones trapped in several fault bounded
reservoirs. Saxon has a 0.85% interest in this well. Completion activity
should commence shortly, with first production in the fourth quarter of 2007.
Richard G. Green, President and CEO of Saxon, said, "The well appears to
have multiple productive gas reservoirs and should be a very good producer. We
are pleased the geologic concept was correct and look forward to additional
wells with Tri-C Resources in the future."
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,