Benton Oil Files for Bond Offering

Benton Oil & Gas Co., an Oxnard energy concern, said it has filed a registration statement with the Securities and Exchange Commission for a proposed bond offering of up to $10 million on a “best-efforts” basis. Depending on the amount raised in the offering, the proceeds will be used to repay debt and to fund capital expenditures, Benton said.

A best-efforts offering is typically used for more speculative securities. In the offering, brokers agree only to do their best to sell an issue to the public, as opposed to an offering that is underwritten by an investment banker, which buys the securities outright and resells them to investors.