August 2, 1996
Saba Petroleum Co., an independent oil and gas production company, said Thursday that the volume at a recently drilled well in Solano County tested at a rate of 5.8 million cubic feet of gas per day. The well, drilled to a total depth of 7,494 feet, will initially produce more than 5 million cubic feet of gas per day. Saba has a 50% working interest and a 39% net revenue interest in the well. Two additional wells may be drilled this year.
June 6, 1996
Saba Petroleum Co. has taken the first step toward making its Saba Petroleum Michigan Inc. unit an independently traded public company. Saba Petroleum declared a dividend of 15% of the shares of its Saba Petroleum Michigan Inc. unit, which is about 600,000 shares. The record and distribution dates have not yet been set. A spokesman said the unit will have its own board, independent of the parent company, and shares will initially be traded over the counter.
January 12, 1996
A subsidiary of Saba Petroleum Co. has acquired a 50% stake in a Colombian oil field from a Texaco subsidiary for $433,000, Saba said Thursday. Sabacol Inc.'s acquisition of the 50% interest in the Cocorna Concession field completes several property acquisitions announced last April.
December 21, 1995
Saba Petroleum Co. said it is offering $11 million in debentures, primarily to repay debts incurred in acquiring oil and gas properties in Colombia. The debentures, which have been approved for listing on the American Stock Exchange, can be converted into Saba's common stock at an initial conversion price of $8.75 per share. Saba is an international oil and gas producer.