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Saxon president, CEO to retire as company looks to sell non-core assets

Richard Green, president and CEO of Saxon Oil Co. Ltd. has retired his positions as well as his seat on the company’s board of directors. He will be retained by the company as a technical consultant through December 31, 2010 and will continue to advise Saxon on technical aspects of the company's existing projects.

Steven D. Saxon, chairman of Saxon will serve as interim president and CEO and Melissa L. Long will serve as the interim CFO. The board has begun its search for a new president and CEO and will look at restructuring the board.

Currently, the Texas-based Canadian company is reviewing its portfolio of projects. Non-core assets will be sold to fund developing projects.

The projects to receive the majority of the company’s focus are: the North Dakota Bakken/Sanish Three Forks area, Central Kansas Gas Gathering Project, and AleAnna Resources LLC, an Italian exploration project of which Saxon owns a 20% membership interest.

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