Benton Oil & Gas Posts Rise in 3rd Quarter Profit

Benton Oil & Gas Co., a Ventura oil and gas exploration and production company, reported a profit in the latest quarter on a sharp increase in revenues. In the third quarter that ended Sept. 30, the company earned $503,068, compared with a loss of $104,551 a year earlier, while revenues jumped to $1.41 million from $176,108.

In the nine months that ended Sept. 30, Benton narrowed its loss to $177,462 from a year-earlier loss of $390,281. Revenues were $2.16 million compared with $280,008 one year earlier.

The company said the results reflected an increase in oil and gas production during the third quarter, due primarily to its acquisition and development of an interest in an offshore Louisiana oil field. It also said its revenues rose in the third quarter because of the surge in oil prices resulting from the Persian Gulf crisis.