Greka Energy Corp – ‘8-K’ for 3/15/99 – EX-2

As of:  Tuesday, 4/6/99   ·   For:  3/15/99   ·   Accession #:  1076636-99-59   ·   File #:  0-20760

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Current Report   —   Form 8-K
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 8-K         Current Report                                         3±    14K 
 2: EX-1        Underwriting Agreement                                 2±     7K 
 3: EX-2        Plan of Acquisition, Reorganization, Arrangement,      2±     9K 
                          Liquidation or Succession                              

EX-2   —   Plan of Acquisition, Reorganization, Arrangement, Liquidation or Succession

EXHIBIT 99.1    

PRESS RELEASE FOR HVI/SABA MERGER       

March 22, 1999 04:28 PM                                                         

Saba Petroleum Company SAB and Horizontal Ventures, Inc. HVNV announced today   
that the shareholders of both companies approved the merger between HVNV and    
SAB at a special meeting for each company held on March 19, 1999.               

Under the terms of the merger, HVNV shall be the surviving entity following     
its acquisition of 100% of the issued and outstanding common stock of SAB, and  
shareholders of SAB, other than HVNV, shall own approximately 30% of the        
merged company and receive HVNV common stock valued at approximately $15        
million.                                                                        

At the HVNV meeting, shareholders also approved a name change to GREKA ENERGY   
CORPORATION and the issuance of up to an additional 2,000,000 shares of its     
common stock for possible future acquisitions.  The stock of Greka Energy       
Corporation is expected to trade on the NASDAQ National Market under the        
symbol GRKA with approximately 4.2 million shares outstanding.                  

Greka Energy, headquartered in New York, has bee reorganized into three         
separate divisions: integrated operations based in Santa Maria, California;     
domestic E & P managed from centrally located Oklahoma City; and international  
E&P managed from Calgary.                                                       

Mr. Randeep S. Grewal, Chairman, CEO & President explained, "We are committed   
to create shareholder value by providing a work environment to challenge and    
motivate employee performance, capitalizing on consistent cash flow hedged      
from oil price fluctuations within integrated operations, exploiting            
exploration and production opportunities, and penetrating new niche markets     
utilizing proprietary technology.  Greka Energy has a senior management team    
that collectively has over a hundred years of specialized experience within     
areas of our business strategy  and will lead a motivated employee team of      
ninety professionals focused on the execution of an innovative business plan."  

Further, the holders of the Preferred Stock of SAB have agreed to terms that    
provide for the exchange of all shares of Series A Preferred Stock of SAB for   
a secured convertible note issued by HVNV.  Additionally, negotiations with     
the controlling holders of the 9% Convertible Senior Subordinated Debentures    
issued by SAB are ongoing.                                                      

Greka Energy has scheduled a conference call for Wednesday, March 24, 1999, at  
10 a.m. (Pacific) to discuss the approved merger.  Interested persons may       
participate by dialing 888-422-7132, code 933392, five to ten minutes before    
the telephone conference is scheduled to being.                                 

Greka Energy Corporation is an integrated company focused on exploiting E & P   
opportunities and penetrating new niche markets utilizing proprietary           
technology with emphasis on short radius horizontal drilling technology         
developed by BP Amoco BPA.  The Company has oil and gas production and          
development activities in North and South American and the Far East, with       
primary areas of activity in Alberta, California, Louisiana, Texas, New         
Mexico, Columbia, Indonesia and China.                                          

Safe Harbor for Forward Looking Statements                                      

Except for historical information contained herein, the statements in this      
Release are forward-looking statements that are made pursuant to the safe       
harbor provision of the Private Securities Litigation Reform Act of 1995.       
Forward-looking statements involved known and unknown risks and uncertainties   
which may cause the Company's actual results in future periods to differ        
materially from forecasted results.  These risks and uncertainties include,     
among other things, volatility of oil prices, product demand, market            
competition, risks inherent in the Company's international operations,          
imprecision of reserve estimates, the availability of additional oil and gas    
assets for acquisition on commercially reasonable terms, and the Company's      
ability to replace and exploit its existing oil and gas reserves.  These and    
other risks are described in the Company's Annual Report on Form 10-K and in    
the Company's other filings with the Securities and Exchange Commission.        

Dates Referenced Herein   and   Documents Incorporated by Reference

This ‘8-K’ Filing		Date		Other Filings
Filed on:		4/6/99
		3/24/99
		3/19/99
For Period End:		3/15/99		8-K/A
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