Saxon Oil Company announced the retirement of Richard Green as President and Chief Executive Officer and member of the Board of Directors. Richard Green will be retained by the Company as a technical consultant through December 31, 2010 and Green will continue to advise Saxon on technical aspects of the Company's existing projects.
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 Steven Saxon. "These projects all require capital to reach their full potential and the Saxon board has decided to focus efforts on the North Dakota Bakken/Sanish Three Forks area, Central Kansas Gas Gathering Project and AleAnna Resources LLC, an Italian exploration project of which Saxon owns a 20% membership interest."
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