Benton Oil & Gas Signs $15-Million Credit Deal

Benton Oil & Gas Co. said it signed a letter of intent with an institutional lender for a $15-million credit facility in the form of senior secured notes. The Ventura oil and gas exploration and production company said the credit will be used to acquire oil and gas producing properties and to fund capital expenditures on some of its existing properties.

The notes will be secured by the company’s oil and gas reserves and by reserves acquired with funding from the credit facility, Benton said. Terms of the agreement call for the notes to be repaid over a five-year period.