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

Saba Petroleum Co.: The Irvine oil and gas production company reported net income of $98,173, or 2 cents a share, for the second quarter, down from net income of $480,214, or 12 cents a share, for the like period of 1994. Revenue rose 22% to $3.9 million from $3.2 million. First-half profit totaled $110,305, or 3 cents a share, down 11% from the $124,053, or 3 cents a share, for the first six months last year. Revenue increased 25% to $7.1 million from $5.7 million.