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SABA PETROLEUM ANNOUNCES ACQUISITION OF VENTURA (CA) PROPERTIES

 IRVINE, Calif., Oct. 19 /PRNewswire/ -- Saba Petroleum Co. (AMEX: SAP.EC) announced the acquisition of proved, producing oil and gas properties in Ventura County, Calif.
 The properties have an estimated net present value, discounted at 10 percent, of $778,000, with reserves of 208,000 barrels of oil, and 88mmcf of gas.
 The purchase price was $173,000, or $0.78 per barrel of oil equivalent.
 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 Ojai, Calif., has producing properties in California, Michigan, New Mexico, Oklahoma, Texas, and Wyoming.
 -0- 10/19/93
 /CONTACT: William J. Hickey, Investor Relations, Saba Petroleum Co., 714-724-1112/
 (SAP)


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

LS-LM -- LA016 -- 3805 10/19/93 09:33 EDT
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Publication:PR Newswire
Date:Oct 19, 1993
Words:172
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