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Message: Saxon Receives Independent Reserve Report on U.S. Properties

Saxon Receives Independent Reserve Report on U.S. Properties

posted on Feb 14, 2008 09:30AM
Saxon Receives Independent Reserve Report from LaRoche Petroleum on U.S. Domestic Producing Properties

DALLAS, Feb. 14 /CNW/ - Saxon Oil Company Ltd. ("Saxon") (TSX
VENTURE:SXN) (FRANKFURT:OVG) (BERLIN:OVG) has received the following
preliminary independent third party Domestic Reserve analysis on its U.S.
domestic producing properties as of 12/31/07 from LaRoche Petroleum

Present value
Proved Developed Producing No. wells At 10% discount rate **
Total PDP 102 $12,169,503

Proved Developed Non-Producing
Total PDNP 10 $1,802,030

Proved Undeveloped
Total PUD 10 $4,548,236

Total Value by State
Kansas 30 $11,909,657
Louisiana 4 $424,999
North Dakota 9 $958,711
New Mexico 18 $882,186
Oklahoma 28 $2,798,175
Texas 25 $1,546,041
Grand Total Proved 114 $18,519,769

* Based upon SEC pricing of $92.50 oil and $6.79 /mcf gas resulting
in average prices of $90.20 bbl oil and $5.72 /mcf gas as
of 12/31/07

Report prepared by LaRoche Petroleum Consultants

** The estimated value disclosed does not represent fair market value

Saxon's 51-101 report will be filed with the TSX Exchange in conjunction
with the Company's audited year end financials no later than April 30, 2008.
The LaRoche Petroleum Consultants report analyzes the domestic producing
properties and does not include values for Saxon's 20% interest in AleAnna
Resources (Italy) or for Saxon's wholly owned subsidiary, Central Kansas Gas
Gathering ("CKGG").
The contents of this news release were prepared by a qualified
Officer/Director, Richard G. Green.

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.
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