Saxon Oil Engages SMH Capital as Financial Advisor

Saxon Oil has engaged SMH Capital, Inc. as exclusive financial advisor to consult with and assist the company in identifying, evaluating and executing one or more strategic alternatives available to Saxon. SMH Capital's energy practice is based in Houston, Texas and provides full-service financial advisory and capital market services to oil and gas clients, including private placements, mergers and acquisitions, divestitures, restructurings and recapitalizations.

"Saxon has a diverse portfolio of attractive opportunities in North America, Italy and Spain," said Saxon President and CEO Richard G. Green. "The engagement of SMH Capital will help Saxon focus on maximizing the value of several key assets."

Saxon owns 240 miles of gas gathering systems in Central Kansas, through its wholly opened operating subsidiary Central Kansas Gas Gathering System. The company has contributed the gathering system assets to a 50-50 joint venture between Saxon and American Energies Pipeline, LLC, called Mid Kansas Gathering System. The system provides regional producers with gathering, processing, treating and other natural gas wellhead services.

In Italy, Saxon owns a 20% membership interest in AleAnna Resources, LLC, which holds a 800,000-plus acreage position in the Po Valley and Bradano Foredeep in Italy. The Italian Ministry of Economic Development has recently granted exclusive exploration permits for six years for several tracts in northeastern Italy. AleAnna has shot 3-D seismic in the Po Valley area to evaluate shallow gas potential. Initial data processing indicates several large structures. The company is finalizing locations and plans to submit a drilling permit shortly.

Saxon also owns 100% of Hidrocarburos Del Cantabrico in Spain, which grants Saxon the rights to all hydrocarbons produced from a licensed area, which includes abandoned coal mines with an estimated reserve potential of 27 billion cubic feet of coal mine methane.


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