Benton Co. Buys Interest in Louisiana Oil Field
Benton Oil and Gas Co. of Ventura said it acquired working interests in the West Cote Blanche Bay Field, located in shallow water off the coast of southern Louisiana.
The oil and gas exploration and production company said it acquired a 5.47% interest in the field for about $2.1 million from a group of independent oil and gas companies and signed an agreement to purchase another 16.47% interest for $6.5 million from the same group.
The West Cote Blanche Bay Field was discovered in 1938 and has produced about 200 million barrels of oil, Benton said. It estimated that existing reserves could be up to 3 million barrels.
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