DALLAS, April 22 /CNW/ - Saxon Oil Company Ltd. ("Saxon") (PINK SHEETS: SXNOF) (TSX VENTURE: SXN) (FRANKFURT: OVG) (BERLIN: OVG) announced today it has commenced drilling on the Tilley Painter No. 1-27 well in Stanton County, Kansas. The Saxon Tilley Painter No.1-27 well will be drilled to 5800 feet and is located within the boundaries of the prolific Arroyo field which produces both oil and gas from the Morrow sands. The well will be an offset location to a well which has produced over 260,000 barrels of oil and 1.4 billion cubic feet of gas. Saxon is the operator and has a 75 percent interest in the well.
C. Ted Wooten, President of Saxon said "Saxon has a substantial interest in this well and multiple development locations exist on adjacent acreage. We are anxious to prove up this location and develop our leasehold position. Saxon's plan will be to develop domestic assets and increase cash flow while maturing our high potential International Italian project."
About Saxon Oil Company Ltd:
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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.
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For further information: Saxon Oil Company, Patrice Nazareno, Toll Free: 1-866-515-7708, Email: [email protected]
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