2008-10-10-2008-10-09-2008-10-09

Bought 26.39% of outstanding shares, gaining interests in TX, NM, ND, OK, KS.

Sandra Saxon Brice, Sheri Saxon Foah and Steven D. Saxon (the Saxon shareholders) have exercised in full a "put option" with Saxon Oil Co. Ltd., Dallas, (Toronto Venture: SXN) and have received 16.9 million shares, or 26.39% of the company's outstanding shares. The company purchased 16.9 million class B shares from the shareholders and issued the new shares. The three shareholders each acquired approximately 5.6 million shares, and Steven Saxon holds an option to purchase another 550,000 shares, which if exercised would give him 9.57% of outstanding Saxon Oil shares. The shareholders have no current plans to acquire more shares. Saxon Oil has assets in Texas, New Mexico, North Dakota, Oklahoma and Kansas, and through its subsidiary Mid Kansas Gas Gathering System owns 100 miles in gas-gathering systems in central Kansas. The company also holds 20% membership interest in AleAnna Resources LLC, which has a significant acreage position in Po Valley, Italy, and a 10% interest in Preset Drilling. Production from Saxon Oil's U.S. assets is more than 245 barrels of oil equivalent per day.