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Prospects for Saxon in Italy through its 20% membership interest in AleAnna Resources, which Saxon acquired in June 2007, are very encouraging. (For information on AleAnna Resources' Italian operations, please visit their web site http://www.cortedeisignori.it). In May 2008 AleAnna received formal approval from the Italian Ministry of Economic Development for its 248 sq. km. (62,000 acre) Corte dei Signori exploration application. The decree was published in the April 2008 “Bollettino Ufficiale degli Idrocarburi e della Geotermia (B.U.I.G).” The application grants AleAnna the exclusive right to explore for oil and natural gas for a period six years within the permit boundaries. The Corte dei Signori permit is located in the Emilia-Romanga region of the Po Valley approximately 20 km east of the town of Ferrara.