Presidio Oil Co

Presidio Oil Co. has announced a definitive agreement to buy oil and gas producing properties and undeveloped acreage, principally in Louisiana, for $40 million in cash and stock. The properties include production in Texas, Oklahoma and New Mexico as well as 30,000 undeveloped acres. Presidio expects the deal to be final by the end of August. The properties are being purchased from numerous oil and gas operators, including most Louisiana holdings of King Ranch Oil & Gas Inc.

Presidio Oil Co. has announced a definitive agreement to buy oil and gas producing properties and undeveloped acreage, principally in Louisiana, for $40 million in cash and stock. The properties include production in Texas, Oklahoma and New Mexico as well as 30,000 undeveloped acres. Presidio expects the deal to be final by the end of August. The properties are being purchased from numerous oil and gas operators, including most Louisiana holdings of King Ranch Oil & Gas Inc.

Pacific Enterprises, the newly named conglomerate that owns Southern California Gas and Thrifty Drug, agreed Friday to buy a Texas oil and gas company for $339 million. It was the firm's second big oil acquisition announced this month. The deal to buy Sabine Corp. of Dallas for $24 a share drove off another bidder, Presidio Oil Co., which wished the two companies well but said its $20-per-share offer was all Sabine is worth.

Kaiser Aluminum & Chemical, the operating subsidiary of KaiserTech, agreed to sell Kaiser Energy to Presidio Oil Co. of Denver for an undisclosed price. KaiserTech said that the financial effect of the sale on KaiserTech was anticipated as part of writedowns taken in the second quarter, indicating that the oil and gas exploration and production firm was sold for less than book value.

Pacific Enterprises, the newly named conglomerate that owns Southern California Gas and Thrifty Drug, agreed Friday to buy a Texas oil and gas company for $339 million. It was the firm's second big oil acquisition announced this month. The deal to buy Sabine Corp. of Dallas for $24 a share drove off another bidder, Presidio Oil Co., which wished the two companies well but said its $20-per-share offer was all Sabine is worth.

Kaiser Aluminum & Chemical, the operating subsidiary of KaiserTech, agreed to sell Kaiser Energy to Presidio Oil Co. of Denver for an undisclosed price. KaiserTech said that the financial effect of the sale on KaiserTech was anticipated as part of writedowns taken in the second quarter, indicating that the oil and gas exploration and production firm was sold for less than book value.