Benton Oil Proposes 7-Million Share Offering

Benton Oil & Gas Co., an Oxnard energy concern, hopes to sell seven million new shares of common stock to help pay for development of its oil and gas producing properties.

In a Securities and Exchange Commission filing, Benton said the money will go for drilling wells at three fields in Louisiana, as well as development wells, a natural gas pipeline, production facilities and a water disposal system at its Venezuelan project.

The money would also pay for development wells, production facilities, a natural gas pipeline and electrification system for Benton’s joint venture in western Siberia.

Benton’s stock now trades at about $7.50 a share.