Irvine Oil Firm to Buy Parent’s Holdings for Stock
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IRVINE — 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.
The deal with Capco would make it an international company, said President Ilyas Chaudhary.
Capco, based in Calgary, Alberta, now owns 60% of Saba. If the deal closes at year-end as planned, its stake in the Saba would increase, Chaudhary said.
Saba’s common stock closed at $1.94 a share Thursday, up 6.3 cents on the American Stock Exchange’s Emerging Companies market.
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