An investment group bid for Pauley Petroleum.

Strata-Carner Partners of Costa Mesa offered $7 a share, or $20.2 million, for Los Angeles-based Pauley Petroleum, except for its Newhall refinery. Strata-Carner said the acquisition would increase the value of its oil and gas reserves from $15 million to $75 million. Pauley’s chairman, William Pagen, said he hadn’t seen the offer and couldn’t comment. Strata-Carner’s managing partner, Strata Energy Resources Corp., earned $1.2 million last year, about one-tenth of Pauley’s income.