Saxon Oil Company Ltd. (TSXV:SXN), a Canadian energy firm that operates in the U.S. and trades on the TSX Venture Exchange, has acquired a natural gas gathering system inn central Kansas for an undisclosed price.
The Dallas-based company said Monday it had entered the agreement with Milestone Energy LLC and expects to close the transaction before the end of June.
Terms of the deal were not disclosed.
The acquisition opportunity came after a strategic alliance between Saxon and Milestone under which Milestone provides oil and gas consulting services, geologic evaluations of potential gas exploration properties as well as field and pipeline infrastructure.
Saxon said it believes Kansas is an attractive future growth area for the company because the state contains large reserves of oil and natural gas as well as helium gas.
In Monday trading on the TSX Venture Exchange, Saxon shares rose 2.5 cents to 40 cents, a gain of 6.7 per cent.
Source : www.oilweek.com
June 5, 2007
Saxon Oil acquires natural gas pipeline system in Kansas (Saxon-Oil)
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