SAXON OIL <SAXO.O> SETS REDUCTION IN STOCK
Saxon Oil Co said stockholders at its
recent annual meeting approved, among other things, a 1-for 15
reduction in the number of outstanding shares of common stock.
    The company said stockholders also approved the reelection
of the four directors of the company and the authorization of a
change in the state of incorporation of the company from Texas
to Delaware.
    Saxon said it will defer completion of the reincorporation
and the reduction in shares pending satisfactory resolution of
certain federal income tax consequences of such actions.
   
    Also approved at the meeting was a proposal for
indemnification agreements to be entered into with the
directors and executive officers.
 Reuter
