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PSA agreed to acquire control of Statex Petroleum.

September 04, 1985

The parent company of Pacific Southwest Airlines said it has agreed to purchase control of the company to supplement its energy sales and production division. PSA said it will purchase 52% of Statex's common stock and 61% of its preferred stock from Los Angeles-based CalMat Inc. Statex is an oil and gas exploration and production company with proven reserves of 6.4 million barrels of oil. PSA, which already has proven reserves of 8.7 million barrels, would not reveal the price that it will pay for the stock. However, based on the stocks' closing prices Tuesday, the deal could be worth more than $17.6 million.

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