Trek Resources Inc. (OTCPK:TRKX) entered into a definitive agreement to acquire Saxon Oil Company, Inc. from Saxon Oil Company Ltd (TSXV:SXN) for $7.2 million in cash on August 10, 2012. Under the terms of the agreement, the deal value is subject to adjustments. The acquisition, indirectly includes assets of Saxon Oil located primarily in Oklahoma, Texas and Kansas. The deal will terminate if not completed by October 31, 2012. The sale of Saxon US is subject to customary closing conditions, including approval by the shareholders of Saxon Oil Company Ltd, financial audit of Saxon and the acceptance of the TSX Venture Exchange and has been unanimously approved by Sazon's Board. Upon receipt of all required regulatory and shareholder approvals, Saxon Oil Company Ltd shall go forward with the sale of Saxon Oil Company, Inc. to Trek in furtherance of the winding-up and dissolution of Saxon Oil Company Ltd. Upon the completion of the sale of Saxon US, Saxon Oil Company Ltd will cease to conduct normal business operations, except as may be required to settle all liabilities, distribute the remaining cash to shareholders and wind-up the business and affairs of Saxon Oil Company Ltd. It is currently anticipated that the meeting will be held on September 21, 2012.

The transaction has been approved by the shareholders of Saxon Oil Company at a special meeting of shareholders held on September 21, 2012 and was also subsequently approved by the TSX Venture Exchange. The transaction is expected to close by October 23, 2012. Hill Schwartz Spilker Keller LLC acted as the fairness opinion provider for Saxon Oil Company Ltd.

Trek Resources Inc. (OTCPK:TRKX) completed the acquisition of Saxon Oil Company, Inc. from Saxon Oil Company Ltd (TSXV:SXN) on October 31, 2012.