Benton Oil & Gas Co. Reports 1st-Quarter Loss
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Benton Oil & Gas Co., citing sharply lower oil and gas prices, reported a $491,239 loss for the first quarter.
The Oxnard-based energy concern’s loss for the quarter that ended March 31 contrasted with a year-earlier profit of $166,740. Revenue totaled $2.19 million, down 7% from $2.35 million.
Benton also said it completed the sale of about $6.1 million worth of 8% convertible subordinated debentures. The company said it would use its net proceeds of about $5.5 million from the debt sale to repay previously existing debt left from the acquisition of interests in oil and gas properties.
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