HOUSTON, Oct. 6, 2011 (GLOBE NEWSWIRE) -- Saxon Oil Company Ltd. ("Saxon" or the "Company") (TSX-V:SXN) (Frankfurt:OVG) (Pink Sheets:SXNOF) (Berlin:OVG) today announces that it has completed the sale of its 20% membership interest in AleAnna Resources LLC ("AleAnna Resources"), which holds certain exploration licenses and permits in northern Italy, to AleAnna Energy, LLC (the "Purchaser"). The transaction was completed in the ordinary course of business on an arm's length basis.
In consideration for the disposition of its interest in AleAnna Resources, the Purchaser paid to the Company an aggregate of cash and 750,000 common shares of BRS Resources, Ltd. BRS Resources is listed on the TSX Venture Exchange under the symbol BRS.
This transaction completes the Company's recent efforts to exit from all non-domestic oil and gas opportunities. The Company will continue to focus on its existing producing properties, and low risk exploitation projects in Texas, Oklahoma and New Mexico. Management believes that this strategy will allow the Company to effectively utilize its management team's core business and technical competencies as well as provide investors with clear and stable metrics for monitoring future success.
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 international 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.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.