Proceeds From Benton Oil Stock Sale Total $5 Million

Benton Oil & Gas Co., an Oxnard-based energy concern, said it completed the sale of about 600,000 shares of common stock to the public for $9.625 a share. Net proceeds from the offering totaled about $5 million, which will be used to repay debt and for working capital, Benton said.

Benton had originally hoped to raise up to $36 million, or $12 a share, through an offering of 3 million shares of common stock. But when the underwriter for the offering, PaineWebber Group Inc., reportedly backed out of the deal, Benton revised the stock offering to 3 million shares at $10 apiece on a “best efforts” basis through members of the National Assn. of Securities Dealers. That meant the brokers agreed only to do their best to sell the stock, rather than to buy the securities outright.