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.
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.
November 16, 1993 |
An aggressive independent oil producer, Saba Petroleum Co., is increasing its stake in Ventura County with its second acquisition in the last two months in a field in the El Rio area north of Oxnard. And Irvine-based Saba is about to close two additional acquisitions in the Santa Paula area. With major producers basically out of the game, Ventura County presents opportunities for smaller companies that can move quickly and also cope with environmental concerns, says William L.