Saxon Oil Company Ltd has acquired from AleAnna Energy LLC ("AleAnna") a 20% membership interest in AleAnna Resources LLC, which has oil and gas interests in Italy, and a 20% working interest in AleAnna’s West Texas and New Mexico production and future projects.

To acquire these combined interests, Saxon made a cash payment of $100,000 USD in earnest money and a further payment of $1,400,000 USD by way of the issuance of 4,115,652 shares of Saxon stock issued at $0.40 CDN per share. At closing Saxon received a cash payment of $676,470 USD from a third-party entity who is also acquiring a portion of AleAnna’s interests. As a result, Saxon’s total investment in the AleAnna transactions is valued at $823,530 USD.

“The AleAnna acquisitions put Saxon in great market positions, not only in the United States, but in Europe, as well," said Richard G. Green, president and CEO of Saxon. “We are acquiring proven oil and gas reserves in the Permian Basin of West Texas and New Mexico, as well as a number of additional prospects where we can carry out exploration and production activities. AleAnna is on track to become one of the largest leaseholders of exploration acreage in Italy, which will give us huge opportunities in Europe for many years to come."

Michael "Mickey" McGhee will continue as president of AleAnna Resources LLC. Mr. McGhee was previously vice president of geology for Plantation Petroleum Holdings. He holds two degrees in geology from Texas A & M University and has over thirty years of oil and gas geological and geophysical experience. AleAnna has offices in Houston, Tex., and Ferrara, Italy.

“AleAnna is delighted to have Saxon as a partner in our Italy and Permian Basin ventures," said Mr. McGhee. "We have put together an excellent team to carry out the work. The combination of exploration and development activities, both in the United States and Italy, make this an exciting opportunity for everyone involved in it.”

In Italy, AleAnna has five "Applications for Exploration Permits" totaling 368,745 acres approved by the Italian Ministry of Economic Development (General Directorate for Energy and Mining Resources, National Mining Office for Hydrocarbons and Geothermics). Three of the exploration permit applications, totaling 225,840 acres, are located in the Po Valley in northern Italy, and two exploration permit applications totaling 142,905 acres are located in the Bradano Foredeep area in southern Italy.

Italy has been a major gas producing region in Europe since the late 1940’s with over 4,300 wells drilled in several geologic provinces. The Po Valley is the most prolific gas basin in Italy with gas recovered from high quality sandstone reservoirs at shallow depths. AleAnna has secured an excellent position in the Po Valley and is currently performing environmental studies. AleAnna plans to employ state-of-the-art 3-D seismic to identify significant undrilled features. AleAnna plans to shoot seismic in the first quarter of 2008 and to commence drilling as early as the fourth quarter of 2008.

AleAnna has reserves under 2,160 gross acres (1,600 net acres) in the Permian Basin of West Texas and New Mexico which have been reviewed by an independent third party for compliance with TSX reporting requirements. In addition, AleAnna will use advanced seismic techniques to identify and develop prospects throughout the Permian Basin.