American Plastics to Buy Ohio Oil, Gas Reserves

American Plastics and Chemicals Inc. of Canoga Park said it agreed to purchase about 2,500 acres of land in eastern Ohio that holds reserves of oil, gas, coal and limestone for $1.55 million in cash, stock and debt.

The energy and chemical company, which was previously called Petro Oil and Gas Inc., said it acquired the patented rights to a low-cost, pollution-free technology last year for producing plastics and chemicals from limestone and coal. It said it intends to build a plant that will use this technology on the land in Ohio.

American Plastics said it plans to produce several plastics and chemicals through joint ventures in the United States and abroad.