Saba Petroleum in Irvine Reports 3rd-Period Loss

Saba Petroleum Co., an Irvine company, reported a third-quarter net loss of $93,027, or 3 cents a share, contrasted with a profit of $234,298, or 8 cents a share, for the corresponding period last year. The company attributed the loss to a sharp decline in the price of crude oil since June, 1993, and higher than anticipated costs associated with its newly acquired Cat Canyon and Gato Ridge properties in California.

Revenue declined 10%, to $2.6 million from $2.9 million. Profit for the first nine months totaled $256,394, or 7 cents a share, down 40% from the $424,402, or 15 cents a share, posted for the corresponding period in 1992. Revenue rose 84%, to $7.9 million from $4.3 million.