Saba Petroleum Co.: The Irvine independent oil...

Saba Petroleum Co.: The Irvine independent oil and gas production company said Tuesday that two of its wholly owned subsidiaries, Saba Petroleum Inc. and Saba Energy of Texas Inc., have agreed to purchase oil and gas properties in California for $400,000 and in Texas for $2.8 million. The acquisitions are scheduled to close in the second quarter.