Saxon Liquidates U.S. Assets

Sale of upstream independent with U.S. assets to Dallas-based independent for $7.2 million.

Saxon Oil Co. Ltd. (Toronto Venture: SXN) announced a majority of its shareholders have approved the sale of the company’s U.S. subsidiary to Trek Resources Inc. for $7.225 million in cash.

Upon closing, the company’s U.S. assets—primarily in Oklahoma, North Dakota, Texas and Kansas—will be dissolved and its shareholders will receive the net proceeds from the sale. The sale is expected to close on or around Oct. 23.

Trek Resources is a privately-held independent oil & gas company based in Dallas, Texas.