HOUSTON, July 17, 2012 (GLOBE NEWSWIRE) -- Saxon Oil Company Ltd. ("Saxon" or the "Company") (TSX-V:SXN) (Frankfurt:OVG) (Pink Sheets:SXNOF) (Berlin:OVG) announces that on July 16, 2012 it completed the filing of its interim unaudited consolidated financial statements for the three months ended March 31, 2012 (the "Interim Financial Statements") (together with interim management discussion and analysis related thereto). Trading in the Company's shares on the TSX Venture Exchange was halted on May 9, 2012, as a result of the cease trade order issued on May 9, 2012 by the British Columbia Securities Commission (the "Commission") for failing to file its annual financial statements within the time prescribed under applicable Canadian securities laws. The Company will now proceed to apply the Commission for a revocation of the cease trade order.
The Company apologizes for the delay in filing the Interim Financial Statements and wishes to assure its shareholders that it expects that its financial statements will be filed in a timely manner going forward.
ON BEHALF OF THE BOARD OF DIRECTORS,
Paul Hudson
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.
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.