Saxon Tiptoes Through Agreement with Schlumberger, First Reserve
Saxon Energy Services Inc. is in exclusive discussions with Schlumberger Limited and First Reserve Corporation respecting a transaction where a corporation controlled by them with Saxon management participation, would acquire all of Saxon's outstanding shares for C$7.00 per share. A Special Committee of the Board of Directors has been established and the Committee has agreed to negotiate exclusively with these parties until May 5, 2008.
No acquisition agreement has been entered into and accordingly no assurance can be given that these discussions will lead to any firm offer being made to acquire Saxon.
Saxon and Schlumberger are partners in drilling joint ventures in Mexico and Colombia that have resulted in Schlumberger being among Saxon's largest customers. Saxon estimates that approximately 16% of Saxon's 2008 revenue will be associated with these joint ventures. The Special Committee have been advised by Saxon's management that they believe that its continuing relationship with Schlumberger in Mexico, Colombia and other markets is critical to Saxon's future growth.
Saxon will make no further announcements or communications until either an agreement has been reached to acquire Saxon or discussions are terminated without such an agreement being reached.
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