Goodyear Tire bought a California oil firm.
The Akron, Ohio-based tire and rubber company said its Celeron Oil & Gas subsidiary bought Formax Oil of Santa Barbara for $85 million. The deal includes 198 acres of crude oil bearing properties in the Midway-Sunset field of Kern County, where Formax has 106 producing wells. Goodyear said it plans to implement a modified steam drive production system and to drill 158 new wells.
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