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Saba Petroleum Co

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BUSINESS
January 9, 1998 | Bloomberg News
Saba Petroleum Co. said it will hire an investment banker to help the firm figure out how to increase its value. The energy company believes its share price doesn't reflect the full value of its assets, including its contract to explore for and produce oil and natural gas on 1.7 million acres in Indonesia. On Thursday, shares fell 94 cents to close at $6.06. Saba shares have fallen 76%, from $24.99 in early 1997.
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BUSINESS
September 22, 1996
Saba Petroleum Co. said it has received approval from Ecopetrol, the Colombian governm ent-owned oil company, to drill additional wells on Colombian acreage that Saba acquired last year. Saba said Omimex de Colombia Ltd., the operator, intends to drill up to six wells this year beginning in early October. Ecopetrol said it has also asked Omimex to test the exploratory wells drilled previously by Texaco Inc., the prior owner, on a portion of the undeveloped acreage.
BUSINESS
January 9, 1998 | Bloomberg News
Saba Petroleum Co. said it will hire an investment banker to help the firm figure out how to increase its value. The energy company believes its share price doesn't reflect the full value of its assets, including its contract to explore for and produce oil and natural gas on 1.7 million acres in Indonesia. On Thursday, shares fell 94 cents to close at $6.06. Saba shares have fallen 76%, from $24.99 in early 1997.
BUSINESS
November 24, 1993
Saba Petroleum Co., an Irvine company, reported a third-quarter net loss of $93,027, or 3 cents a share, contrasted with a profit of $234,298, or 8 cents a share, for the corresponding period last year. The company attributed the loss to a sharp decline in the price of crude oil since June, 1993, and higher than anticipated costs associated with its newly acquired Cat Canyon and Gato Ridge properties in California. Revenue declined 10%, to $2.6 million from $2.9 million.
BUSINESS
April 9, 1996
Saba Petroleum Co., an independent oil and gas production company, posted net income last year of $547,000, or 13 cents a share, a 7% increase over $509,314, or 13 cents a share, earned the previous year. Revenue increased 36% to $17.7 million from $13 million.
BUSINESS
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.
BUSINESS
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.
BUSINESS
April 9, 1996
Saba Petroleum Co., an independent oil and gas production company, posted net income last year of $547,000, or 13 cents a share, a 7% increase over $509,314, or 13 cents a share, earned the previous year. Revenue increased 36% to $17.7 million from $13 million.
BUSINESS
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.
BUSINESS
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.
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