FOR IMMEDIATE RELEASE
August 4, 2009
Saxon Accelerates E & P Plans in Italy
DALLAS, TX. - Saxon Oil Company Ltd ("Saxon") (TSX VENTURE: SXN) (FRANKFURT:SXN) (BERLIN:SXN) (PINK SHEETS:SXNOF) is pleased to announce that AleAnna Resources LLC ("AleAnna") www.aleannaresources.com, of which Saxon owns a 20% membership interest, received formal approval and published decrees from the Italian Ministry of Economic Development granting exclusive exploration permits for six (6) years to AleAnna for both the Ponte Del Diavolo and the Ponte Dei Grilli applications located in the province of Ferrara, Emilia Romagna Region in north eastern Italy. The tracts lie in the Ferrara-Romagna Arc-NW Peri-Apenninic Foredeep. Italy has been a major gas producing region in Europe since the late 1940’s.
These new exploration permits combined with the previously awarded Corte Dei Signori exploration permit are part of a significant portfolio of permits and licenses held by AleAnna in Italy. The Texas-based company concluded a 128 sq km 3d seismic survey over this Corte Dei Signori permit in March of 2009. Very little 3d seismic has ever been shot in this Po Valley Area. IMC Geophysical International Ltd was the contractor for the Vibroseis acquisition, the objective of which is to investigate the shallow gas potential. Initial processing of this data was completed in June 2009 and final interpretation of this data is in process now. Initial review of the data indicates several large structures. The company is finalizing locations and plans to submit a drilling permit to the regional authorities within the next few weeks.
Michael McGhee, President of AleAnna, stated, "AleAnna is very excited about the targets we have identified utilizing the 3d seismic acquired in the Corte Dei Signori area. Our portfolio continues to expand from applications to permits and our progress has across the board has been exceptional."
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 statements.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy and accuracy of this Release.
Contact:
Saxon Oil Company
Patrice Nazareno
Toll Free: 1 866 515 7708