Saxon Oil Company Ltd. announced today the acquisition of the “Heatherwood” prospect in Central Texas. Heatherwood consists 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.