Saxon Announces A $10 Million Financing

Saxon Oil Company is pleased to announce a $10 million financing of Units. Saxon has entered into an agreement with Canaccord Capital Corporation to act as the lead agent to market a private placement financing of up to $10 million CDN on a commercially reasonable efforts basis.

Under the brokered private placement, the Company proposes to issue up to 25,000,000 units at CDN$0.40 per unit. Each unit will consist of one common share and one common share purchase warrant. Each whole common share purchase warrant will entitle the holder to acquire one common share at any time up to 18 months after the closing of the Offering at a price of CDN$0.46 per share.

The proceeds of the private placement will be used for general working capital. The closing of the offering is subject to certain conditions, including completion of satisfactory due diligence by the Agent and regulatory approval.

In accordance with securities legislation currently in effect, the securities issued pursuant to the Offering will have a restricted "hold" period of four months plus one day from the date of closing of the Offering.

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 participate whenever possible with quality partners with specialized local expertise in project areas rather than prospects. This strategy should steadily increase proven reserves of oil and natural gas - which, in turn, will lead to enhanced cash flows and earnings per share. -- www.cnxmarketlink.com