October 26, 1993 |
Saba Petroleum Co., an Irvine-headquartered independent oil and gas producer, has acquired rights to its second Ventura County oil property. The company, which has a field office in Saticoy, plans to operate a 16-well field in El Rio, north of Oxnard. Saba spokesman William J. Hickey said he was not at liberty to disclose the seller's identity, but noted that it is a major oil company.
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.
January 9, 1998 |
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.
November 18, 1994
Saba Petroleum Co. said it has signed a preliminary agreement to acquire the Canadian and Colombian oil production and exploration properties of its Canadian parent, Capco Resources Ltd., in an all-stock deal that is yet to be valued. Saba, an Irvine-based oil production, refining and exploration company, has production properties in the United States. The company also owns a refinery in Santa Maria, on California's central coast.
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.