updated 11/16/2010 12:17:00 PM ET 2010-11-16T17:17:00

DALLAS, Nov. 16, 2010 (GLOBE NEWSWIRE) -- Saxon Oil Company Ltd. ("Saxon" or the "Company") (TSX-V:SXN) (Frankfurt:OVG) (Pink Sheets:SXNOF) (Berlin:OVG) is pleased to announce the company's participation in an exploration play in West-Central Texas.

The Saxon Oil Company Ltd. board of directors has voted and approved the company's participation, with a 10% working interest, in a leasing and well drilling opportunity that will encompass some 30,000 acres, in the first phase.

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 international 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.

© Copyright 2012, GlobeNewswire, Inc. All Rights Reserved

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