Benton Oil & Gas Raises $6.7 Million
Benton Oil & Gas Co., a Ventura energy exploration and production company, said it raised $6.7 million through a private placement of units.
Each of the 580,000 units consists of one share of Benton common stock, one warrant to purchase an additional share for about $14.40 and a royalty interest in production from certain future wells. Benton’s stock trades at about $8.38 a share.
Proceeds from the offering will be used for the seismic exploration of the Belle Isle oil field off the Louisiana shore in the Gulf of Mexico, Benton said. The 17,500-acre field is operated by Oryx Energy Co. and Texaco, and Benton said it would earn working interests in the field by doing seismic work. Drilling is expected to begin in about a year.
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