Santa Fe, Arco combine. (Santa Fe Resources Inc. and Atlantic Richfield Co. join to develop light oil reserves in California)

In an effort to develop potentially large light oil reserves beneath shallower heavy oil reservoirs in California's Midway-Sunset field, Santa Fe Resources Inc., Houston, and Atlantic Richfield Co., Los Angeles, are joining forces.

Santa Fe official M.J. Rosinski told a New Orleans meeting of money managers recently that his company is putting up 20,000 surface acres and Arco is putting up 1,800 surface acres in the field, located in the San Joaquin Valley near Bakers field.

Rosinski said Arco is bearing the cost of 77 miles of seismic work and will drill the first wildcat well --to about 9,500' measured depth--this summer or by the third quarter at the …