Seeking to expand in the oil-rich regions...

Seeking to expand in the oil-rich regions of Texas, Louisiana and Oklahoma, Presidio Oil Co. said it had started a $256-million tender offer for Sabine Corp., a Dallas-based oil company. Presidio is based in Englewood, Colo., and is smaller, although more profitable, than its target. Presidio, which already owns 4.8% of Sabine, is bidding for about 90% of the remaining shares at a price of $20 a share.