Benton Oil & Gas to Sell California Properties

Benton Oil & Gas Co. said it tentatively agreed to sell most of its California properties to Nahama & Weagant Energy Co. for $2.5 million.

The properties account for a small part of Benton’s business. Benton, based in Oxnard, focuses mostly on oil and gas fields off the coast of Louisiana and elsewhere along the Gulf Coast. Proceeds from the sale would be used to repay debt and for working capital, the company said.

The sale is conditioned on Bakersfield-based Nahama & Weagant completing its review of the properties, and on the approval of certain Benton-sponsored partnerships that have interests in some of the properties.