Saxon Oil Completes New Oklahoma and Texas Wells

Saxon Oil Company Ltd. reported the successful completion of the Williams 3-9 well in the Lasley Field. The Williams 3-9, drilled in Caddo County, Okla., to a total depth of 13,900 ft, was completed in the Red Fork formation and began flowing to sales in late January 2008. The well is flowing at a rate of 1.4 million cubic feet per day (MMcfd) and 11 barrels of oil per day with a 2,500-psi tubing pressure. Saxon owns a 4.4 % working interest in the Williams 3-9.

Saxon also announced the completion of the Tri-C Resources Jackson-Williams 3 well in Jackson County, Tex. During production testing in early February 2008 the well flowed at rates ranging from 1.0 to 1.7 MMcf per day with flowing tubing pressures of 5,000 to 7,200 psi through chokes varying from 5/64- to 8/64-inch in size. The well is currently being flared, but should be connected to the pipeline and flowing to sales in the next few weeks. Saxon owns slightly less than 1% working interest in the Jackson-Williams 3.

Richard G Green, president and CEO of Saxon, commented "We are pleased with the results of these wells and will monitor the production to identify possible offset drilling locations. The wells will have a positive impact on future cash flows."