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SABA INCREASES HOLDINGS IN VENTURA, CALIF., PROPERTIES

 IRVINE, Calif., Nov. 8 /PRNewswire/ -- Saba Petroleum Co. (AMEX: SAP.EC) announced that Saba had entered into an agreement to increase the company's ownership interest in proved, producing oil and gas properties located in Ventura County, Calif.
 The acquisition of these properties will increase Saba's reserves in the subject field by 125,000 barrels of oil to a total of 333,000 barrels of oil, and 53 million cubic feet of gas to a total of 141 million cubic feet of gas for a total net cost of $1.25 per barrel of oil equivalent.
 The company had previously reported the purchase of a 33 percent interest in the Ventura County properties. The new addition brings Saba's interest in the field to 53 percent.
 Saba, an independent oil and gas production company, recently announced record earnings for the six months ended June 30, 1993, recording the following increases as compared to the same period in 1992: oil and gas sales 295 percent, net earnings 84 percent and production 242 percent.
 Saba, with corporate headquarters in Irvine and field offices in Midland, Texas, and Saticoy, Calif., has producing properties in California, Michigan, New Mexico, Oklahoma, Texas and Wyoming.
 -0- 11/8/93
 /CONTACT: William J. Hickey, investor relations, of Saba Petroleum, 714-724-1112/
 (SAP)


CO: Saba Petroleum Co. ST: California IN: OIL SU:

JL-LM -- LA023 -- 1634 11/08/93 09:30 EST
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Publication:PR Newswire
Date:Nov 8, 1993
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