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Message: News - Saxon To Complete Oklahoma Gas Well
Saxon To Complete Oklahoma Gas Well
Last Update: 1/8/2008 5:00:01 AM
DALLAS, Jan 08, 2008 (BUSINESS WIRE) -- Saxon Oil Company Ltd. ("Saxon") (PINK SHEETS:SXNOF) (TSX VENTURE:SXN) (FRANKFURT:OVG) (BERLIN:OVG) announced today that the Williams 3-9 well in Caddo County, Okla. has reached a total depth of 13,717 ft. The operator, Western Oil & Gas, will begin completion of the well immediately. Mud and electric logs taken during the drilling phase of the well indicated excellent porosity and gas saturation in the primary productive zones of interest in the Red Fork formation.
Saxon has various working interests in four existing wells adjacent to the Williams 3-9 well in the Lasley Field and all produce from Red Fork sandstones. According to Saxon's reserve report of January 1, 2007, prepared by the independent engineering firm of LaRoche Petroleum Consultants, each of these wells has an average gross estimated ultimate recovery (EUR) of more than 3 billion cubic feet of natural gas.
"This well is offset to excellent production and has equivalent or better sand development than the other producers," said Richard Green, President and CEO of Saxon. "Lasley Field is a significant producing property for Saxon and we will continue to develop the field's potential."
Total cost to drill and complete the Williams 3-9 well is expected to be approximately $2.4 million. Saxon owns a 4.4 % working interest in the well.
About Saxon Oil Company Ltd:
Saxon Oil Company is a Tier One Texas-based Canadian company, trading on the TSX Venture Exchange under the symbol SXN. The Company is an independent oil and gas company engaged in the acquisition, development and production of oil and natural gas reserves. The Company seeks to deliver strong shareholder returns through an effective exploration and development program that incorporates sound business practices with the latest oil field technologies. The goal is to steadily increase proven reserves of oil and natural gas - which, in turn, will lead to enhanced cash flows and earnings per share.
This press release includes certain "Forward-Looking Statements" within the meaning of section 21E of the United States Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included herein, including without limitation, statements regarding plans for completion, production potential, other targeted areas and expansion and development plans and objectives of Saxon Oil Company Ltd. are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy and accuracy of this Release.
SOURCE: Saxon Oil Company Ltd.
Saxon Oil Company
Patrice Nazareno, 1 866 515 7708
quaycomm@shaw.ca
Copyright Business Wire 2008
Last Update: 1/8/2008 5:00:01 AM
DALLAS, Jan 08, 2008 (BUSINESS WIRE) -- Saxon Oil Company Ltd. ("Saxon") (PINK SHEETS:SXNOF) (TSX VENTURE:SXN) (FRANKFURT:OVG) (BERLIN:OVG) announced today that the Williams 3-9 well in Caddo County, Okla. has reached a total depth of 13,717 ft. The operator, Western Oil & Gas, will begin completion of the well immediately. Mud and electric logs taken during the drilling phase of the well indicated excellent porosity and gas saturation in the primary productive zones of interest in the Red Fork formation.
Saxon has various working interests in four existing wells adjacent to the Williams 3-9 well in the Lasley Field and all produce from Red Fork sandstones. According to Saxon's reserve report of January 1, 2007, prepared by the independent engineering firm of LaRoche Petroleum Consultants, each of these wells has an average gross estimated ultimate recovery (EUR) of more than 3 billion cubic feet of natural gas.
"This well is offset to excellent production and has equivalent or better sand development than the other producers," said Richard Green, President and CEO of Saxon. "Lasley Field is a significant producing property for Saxon and we will continue to develop the field's potential."
Total cost to drill and complete the Williams 3-9 well is expected to be approximately $2.4 million. Saxon owns a 4.4 % working interest in the well.
About Saxon Oil Company Ltd:
Saxon Oil Company is a Tier One Texas-based Canadian company, trading on the TSX Venture Exchange under the symbol SXN. The Company is an independent oil and gas company engaged in the acquisition, development and production of oil and natural gas reserves. The Company seeks to deliver strong shareholder returns through an effective exploration and development program that incorporates sound business practices with the latest oil field technologies. The goal is to steadily increase proven reserves of oil and natural gas - which, in turn, will lead to enhanced cash flows and earnings per share.
This press release includes certain "Forward-Looking Statements" within the meaning of section 21E of the United States Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included herein, including without limitation, statements regarding plans for completion, production potential, other targeted areas and expansion and development plans and objectives of Saxon Oil Company Ltd. are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy and accuracy of this Release.
SOURCE: Saxon Oil Company Ltd.
Saxon Oil Company
Patrice Nazareno, 1 866 515 7708
quaycomm@shaw.ca
Copyright Business Wire 2008
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