Most Benton Oil & Gas Warrants Exercised

Benton Oil & Gas Co., which is offering to redeem its 811,000 warrants, said nearly all of the warrants had been exercised by their holders.

Benton, a small energy concern based in Ventura, went public a year ago by selling units that consisted of one share of common stock and one warrant, which entitles its holder to buy an additional Benton share for $7.50 a share.

The stock went public at $5 a share, but has since climbed to about $13 a share. So Benton decided to redeem the warrants earlier than planned, said David Pratt, its chief financial officer.

Holders have until April 30 to exercise the warrants, and 802,100 had been exercised as of March 26, Benton said. If all are exercised, Benton would raise about $6 million, which it plans to use to lower its debt and acquire energy properties.