McFarland Energy will acquire Petrominerals.

McFarland, an independent oil and gas company based in Santa Fe Springs, will exchange 1.1 million of its shares for all of the outstanding shares of Stanton-based Petrominerals, another oil and gas producer. That comes out to one McFarland share for every seven Petrominerals shares, subject to shareholder approval. Both companies have most of their oil and gas properties in California and had combined revenue of about $40 million last year.