Benton Oil and Gas Plans $50-Million Offering
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Benton Oil and Gas Co., an Oxnard energy concern, said it has filed a registration statement with the Securities and Exchange Commission for a $50-million offering of notes.
The company said that $8 million of the money from the sale of the senior discount notes would be used to repay the promissory notes it used to finance the purchase of an additional 30% equity interest in its Benton-Vinccler subsidiary, which is drilling for oil in Venezuela.
Another $25 million would be used to drill wells, build new production facilities and conduct a seismic survey in Venezuela. And $10 million would be used to speed up development of Benton’s properties in the Gulf Coast region of Louisiana.
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