Saxon Oil, a Tier One Texas-based Canadian company, is an independent oil and gas company engaged in the acquisition, development and production of oil and natural gas reserves. Saxon 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.

In 2009, Saxon faces the challenge of low commodity prices which have reduced cash flow and net income to all the oil and gas industry. Fortunately, through new wells and systems, Saxon increased production in mid-2008 and thus was able to enjoy the exceptionally high product prices then available. In addition, the company was able to raise capital in the 4th quarter of 2008 through a non-brokered private placement and remains committed to the strategy of exposing Saxon to projects with exceptional reserves and moderate risk. Management will move forward with projects that are economically sound even in a harsh economic climate and continually monitor the economics of existing wells and projects.

We continue to seek and develop high-impact oil and gas projects that will significantly boost our reserves base and cash flows, which in turn should lead to higher shareholder value. Our project criteria are solid economics, limited entry costs, quality partners or management teams, and modest risk. Our goal is to limit political, economic and technical risk while substantially and consistently exposing Saxon to potential reserves far exceeding those reserves currently developed.