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

Saba Petroleum Co.: The Irvine oil and gas production company said its wholly owned subsidiary, Sabacol Inc., has entered into an agreement with Texas Petroleum Co., a subsidiary of Texaco, to acquire a 25% interest in the Teca, Nare and Cocorna oil producing fields located in Colombia. Sabacol’s share of the net production from the acquisition will be about 2,700 barrels of oil per day.