Steven D Saxon, Chairman of Saxon Oil Company Ltd. will serve as interim President and CEO and Melissa L. Long will serve as the interim CFO. The Company is actively reviewing its current portfolio of major projects and plans to sell assets that are no longer core to the business plans to fund developing projects. The Board will immediately commence an executive search and will look at restructuring the Board of Directors.
"Saxon has accumulated several large projects in its portfolio," commented
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
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: Contact: Saxon Oil Company, Patrice Nazareno, Toll Free: 1-866-515-7708
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