Benton Oil Posts Losses For Quarter, 6 Months
Benton Oil & Gas Co. in Ventura reported larger losses in the latest quarter and six-month period because of increased expenses and lower oil prices compared with a year earlier.
The oil and gas concern said its net loss grew to $452,704 in the second quarter that ended June 30, compared with a $183,552 loss a year earlier. Its revenue increased nearly fourfold, to $359,429 from $91,533 in the same period in 1989.
For the six months that ended in June, the company lost $680,530 on $473,534 in revenue. For the same period a year earlier, Benton lost $285,730 on $42,302 in revenue.
The company also said it acquired an additional 16.4% working interest in the West Cote Blanche Bay Field, giving it a 19.1% interest in the field, situated off the coast of Louisiana.
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