HOUSTON, Oct. 26, 2011 (GLOBE NEWSWIRE) -- Saxon Oil Company Ltd. ("Saxon" or the "Company") (TSX-V:SXN) (Frankfurt:OVG) (Pink Sheets:SXNOF) (Berlin:OVG) today announces the resignation of Hank Swartout as its Chief Executive Officer and is announcing the appointment of Paul Hudson as the new Chief Executive Officer effective immediately.
"We are all grateful for the assistance we received from Mr. Swartout over the last few months. We are confident Mr. Hudson, as our new Chief Executive Officer, will help guide us in the coming months," commented Ted Wooten, President of Saxon Oil.
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.