Saxon Oil acquires Heatherwood Prospect in Central Texas
  by: OilOnline
  Tuesday, October 24, 2006

Saxon Oil Company Ltd. has acquired the “Heatherwood” prospect in Central Texas consisting of 1,000 acres in close proximity to Saxon’s Hudson Hills prospect. Saxon anticipates drilling its first Heatherwood well before the end of the year and a second well shortly thereafter. Saxon currently holds a 100% working interest in the prospect.

The primary zone of interest in both the Heatherwood and Hudson Hills prospects is the Upper Cretaceous Navarro sandstone formation, a shallow oil-bearing sand ranging in depth from 2,800 to 4,000 ft. Saxon plans to leverage its experience in and understanding of the geographical area and geological formation, together with the operational techniques being implemented and refined on the Hudson Hills prospect, to lower operating costs and maximize ultimate recovery of reserves in Heatherwood.

Early success at Hudson Hills was part of the impetus behind Saxon’s acquisition of Heatherwood. Saxon’s first Hudson Hills well has been on production since earlier this month and is averaging 30 bbls of oil per day. Saxon has drilled two wells adjacent to the first well that should be on production by the end of the month. Saxon holds a 75% working interest in the prospect.