Saxon in Exclusive Discussions with Schlumberger and First Reserve for Sale of the Company for C$7.00 per share

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[{"type":"text","content":"\n\n\n\nCALGARY, April 21 /CNW/ - Saxon Energy Services Inc. ("Saxon") (TSX: SES)\nannounces that it is in exclusive discussions with Schlumberger Limited and\nFirst Reserve Corporation respecting a transaction where a corporation\ncontrolled by them with Saxon management participation, would acquire all of\nSaxon's outstanding shares for C$7.00 per share. A Special Committee of the\nBoard of Directors has been established and the Committee has agreed to\nnegotiate exclusively with these parties until May 5, 2008.\n\n\nSchlumberger is the world's leading oil field service company. In 2007,\nSchlumberger's revenue was U.S. $23.28 billion. First Reserve is one of the\nworld's leading private equity firms focusing on the energy industry.\n\n\nSaxon is issuing this press release in response to recent volatility in\nits share price and speculation regarding a potential acquisition of Saxon.\n\n\nNo acquisition agreement has been entered into and accordingly no\nassurance can be given that these discussions will lead to any firm offer\nbeing made to acquire Saxon.\n\n\nSaxon and Schlumberger are partners in drilling joint ventures in Mexico\nand Colombia that have resulted in Schlumberger being among Saxon's largest\ncustomers. Saxon estimates that approximately 16% of Saxon's 2008 revenue will\nbe associated with these joint ventures. The Special Committee have been\nadvised by Saxon's management that they believe that its continuing\nrelationship with Schlumberger in Mexico, Colombia and other markets is\ncritical to Saxon's future growth.\n\n\nSaxon will make no further announcements or communications until either\nan agreement has been reached to acquire Saxon or discussions are terminated\nwithout such an agreement being reached.\n\n\nForward-Looking Information\n\n\n---------------------------\n\n\nCertain information contained in this press release, including\ninformation and statements which may contain words such as "could", "plans",\n"should", "anticipates", "expects", "believes", "will", "forecasts", "budget"\nand similar expressions and statements relating to matters that are not\nhistorical facts, are forward-looking information including, but not limited\nto, information as to the portion of expected 2008 Corporation's rev...

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