Saxon Oil Drills First Well in Hailey Prospect

Saxon Oil Company Ltd. said that it has acquired a 10% interest in the Hailey Prospect in La Salle Parish, Louisiana.

The operator, KEPCO Operating, Inc., commenced drilling of the first well on October 28, 2006. Saxon paid a total of $26,775 dollars for its 10% share of the turnkey drilling costs for the first well. The well has been drilled to total depth of 3,624 feet, and the operator has recommended running pipe as completion logs indicate approximately 14 feet of net pay in the Wilcox A-4 sand with porosities averaging 26-28%.

Saxon Oil Company is an independent energy company engaged in the acquisition, development and production of oil and natural gas reserves. Saxon is headquartered in Dallas, Texas, with operations in Texas, Oklahoma, Louisiana, and North Dakota.