Benton Oil & Gas Issues $4.6 Million in Notes

Benton Oil & Gas Co. said it completed a private sale of $4.6 million in 10-year notes that are convertible to Benton common stock under certain conditions.

The sale’s proceeds will be used to repay a portion of existing debt that was used by the Oxnard-based energy concern to buy interests in the West Cote Blanche Bay Field, an oil and gas field off the coast of Louisiana.