Spain

By OGJ editors
HOUSTON, Oct. 22 -- Saxon Oil Co. Ltd., a Canadian company based in Dallas, signed a definitive agreement in a transaction that would give Saxon the rights to a proposed coalbed methane project in northwestern Spain.

Saxon plans to buy the stock of Picogina Holdings BV, which owns 100% of Hidrocarburos del Cantabrico SL, a private company that holds full interest in five hydrocarbon exploration licenses totaling 237,000 acres in the Asturias region 225 miles northwest of Madrid.
HDC's plan is to seal existing coal mines and extract methane to generate electricity.

Saxon will ask its shareholders to vote on the acquisition on Nov. 20 and would close the purchase a few days later.