Saxon Oil Company Ltd. Announces Corporate Update

Houston, Texas--(November 2, 2011) - Saxon Oil Company Ltd. ("Saxon" or the "Company") (TSX.V: SXN) (FRANKFURT: OVG) (PINK SHEETS: SXNOF) (BERLIN: OVG) announces the board of directors of the Company's decision to direct management of the Company to engage a financial advisor to assist the Company in evaluating and pursuing strategic alternatives for Saxon.  Such alternatives to include, among others, selling the Company's assets,  finding a suitable merger partner or procuring a third party equity funding partner for the Company.

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.

Contact:

Saxon Oil Company
Ted Wooten
Phone: 214 234 0552
Email: info@saxonoil.com