DALLAS, Jan. 18, 2011 (GLOBE NEWSWIRE) -- Saxon Oil Company Ltd. ("Saxon") (Pink Sheets:SXNOF) (TSX-V:SXN) (Frankfurt:OVG) (Berlin:OVG) announced today that in 2010 it completed the acquisition of a 17.5% working interest participation right in an area covering 19 sections (12,160 gross acres) in the heart of the Bakken Shale play in North Dakota. Saxon will not be the operator in this acreage, but has committed to participate in as few as four- (4) wells, and as many as eight- (8) wells, in 2011. Saxon has acquired its full 17.5% interest in the leases that have been acquired by the operator in the noted 19 sections. Leasing activity within the area is expected to continue in 2011.
The wells will be drilled as horizontal wells into the Bakken Formation and if drilled to the expected lateral length, each well will each hold 1240 acres (two sections) under the applicable State regulations. Ted Wooten (President) has indicated, "Several operators in the Bakken Shale play have prepared public presentations indicating potential recoverable reserves of 200,000 – 600,000 barrels of oil per well. As the area where Saxon has chosen to participate is largely undeveloped in the Bakken or the Sanish Three Forks formations, the Company believes it would be premature to assign any reserve estimates to the wells to be drilled or to the Company's acreage position. Saxon Oil obviously sees this as a significant addition to their overall oil and gas portfolio. We are very optimistic about the reserve potential and the opportunity to expand the Company into this exciting and active oil play."
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 Ted Wooten President Phone: 1 214 234 0552 Email: info@saxonoil.com