Benton Raises $15 Million for Venezuelan Oil Fields
Benton Oil & Gas Co., an Oxnard energy concern, said it has closed $15 million of the $20 million in project debt financing it hopes to raise for its Venezuelan joint venture.
Benton-Vinccler is equally owned by Benton and Vinccler C.A. It is reactivating and developing three oil fields in eastern Venezuela. The jointly owned company is solely responsible for repayment of the debt from cash generated from operations of the oil fields, Benton said.
The debt is in the form of a commercial paper program sponsored by Interunion Bank (Antilles) N.V., which is owned by Banco Latino C.A. of Caracas and an affiliate of ING Bank of the Netherlands.
Benton said the money would be used to repay a $7 million bridge loan from Banco Latino and to develop wells.
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