Saxon to Complete OK Well with Estimated Recovery of 3B Cubic Feet of Gas

Saxon Oil Company Ltd. announced that the Williams 3-9 well in Caddo County, Okla. has reached a total depth of 13,717 ft. The operator, Western Oil & Gas, will begin completion of the well immediately. Mud and electric logs taken during the drilling phase of the well indicated excellent porosity and gas saturation in the primary productive zones of interest in the Red Fork formation.

Saxon has various working interests in four existing wells adjacent to the Williams 3-9 well in the Lasley Field and all produce from Red Fork sandstones. According to Saxon's reserve report of January 1, 2007, prepared by the independent engineering firm of LaRoche Petroleum Consultants, each of these wells has an average gross estimated ultimate recovery (EUR) of more than 3 billion cubic feet of natural gas.

"This well is offset to excellent production and has equivalent or better sand development than the other producers," said Richard Green, President and CEO of Saxon. "Lasley Field is a significant producing property for Saxon and we will continue to develop the field's potential."

Total cost to drill and complete the Williams 3-9 well is expected to be approximately $2.4 million. Saxon owns a 4.4 % working interest in the well.


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