March 4, 2008

Saxon Announces 51-101 Report on Italy

DALLAS - Saxon Oil Company Ltd. ("Saxon") (TSX VENTURE:SXN) (FRANKFURT:OVG) (BERLIN:OVG) Saxon Oil Company Ltd. ("Saxon") is pleased to announce that Chapman Petroleum Engineering, Ltd., www.chapeng.ab.ca ("Chapman") has prepared a National Instrument 51-101 compliant report on the prospective resources of Saxon's twenty percent (20%) interest in the Corte dei Signori and Ponti Dei Grilli prospects in Italy. Prospective resources are defined as those quantities of oil and gas estimated on a given date to be potentially recoverable from undiscovered accumulations. There is no certainty that the prospective resources will be discovered. If discovered, there is no certainty that any discovery will be technically or economically viable to produce.

Chapman's report assigns a best estimate undiscounted cumulative cash flow of $50 mm USD net to Saxon's interest for each field discovered within the prospect areas. Each prospect area could contain multiple fields. Saxon acquired these interests in June 2007 through the acquisition of 20% membership interest in AleAnna Resources LLC ("AleAnna"). The estimated values disclosed do not represent fair market values but represent the undiscounted future cumulative cash flows for the prospective resource estimates in each field.

Chapman's 51-101 report evaluates the prospective resources of only two of eleven prospect applications submitted by AleAnna. The Corte dei Signori and Ponti dei Grilli prospects evaluated by Chapman are included in AleAnna's Phase I development plan. Chapman's report indicates that new gas fields discovered on these prospects are estimated to range in size from 8.5 to 200 Billion cubic feet ("BCF") of recoverable sales gas with the best estimate for a new field discovery being 41 BCF of recoverable sales gas.

The Summary of Saxon's prospective resources and economics net to Saxon's appraised twenty percent (20%) interest in fields, before risk, discovered within the Corte dei Signori Permit and the Ponte dei Grilli prospects as prepared by Chapman Petroleum Engineering Ltd are:

On February 14, 2008, the Company released the independent third party reserve report of Saxon's domestic producing properties prepared by LaRoche Petroleum Consultants Ltd assigning a Present Value discounted 10% of $18.5mm to Saxon's existing domestic reserves as of 12/31/07. This report contained no values for Saxon's interests in Italy or for Saxon's wholly owned subsidiary Central Kansas Gas Gathering Company ("CKGG"). Saxon owns working interests in 102 producing wells.

Richard G. Green, President and CEO of Saxon stated "Saxon is pleased with the work done by Chapman and we are excited by the resource potential in Italy. Each of our permit areas contain multiple potential prospects which will be evaluated by 3-D seismic prior to drilling activity. Each prospect in these license areas statistically could contain net reserves equivalent to the current proven reserves of the Company".

Saxon's 51-101 report will be filed with the TSX Exchange. The Company's audited year end financials no later than April 29, 2008.

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.

Contact:

Saxon Oil Company
Patrice Nazareno
www.saxonoil.com