Saxon Oil, a Tier One Texas-based Canadian company, is an independent oil and gas company engaged in the acquisition, development and production of oil and natural gas reserves. Saxon 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.

Saxon is moving ahead with several noteworthy projects in the first half of 2008 that should continue to lead to improving cash flows, improved financial performance and increased shareholder value. Saxon remains active in its drilling and completion program throughout the first and second quarters of 2008. The company’s midstream gathering gas system in central Kansas, held in Saxon’s wholly owned subsidiary, Central Kansas Gas Gathering (CKGG), should begin service in the second quarter of 2008. In Italy, AleAnna Resources LLC, of which Saxon holds a 20% membership interest, is progressing on the process to obtain government approval for a 3d seismic survey scheduled for fall 2008.