Benton Oil & Gas Raises Stake in Louisiana Field
Benton Oil & Gas Co. said it bought an additional 7.6% working interest in the West Cote Blanche Bay Field for about $5 million, raising its stake in the field to 26.7%.
The field, discovered in 1938, is off the coast of southern Louisiana.
Benton, based in Ventura, said it bought the additional interest from two unidentified private investment firms and their affiliates. Benton said it now estimates its total share of the field’s existing reserves to be about 3.1 million barrels of oil and 1.4 billion cubic feet of natural gas.
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