Benton Oil Increases Stake in Joint Venture
Benton Oil and Gas Co., an Oxnard energy concern, said it has acquired an additional 30% interest in its Venezuelan joint venture, Benton-Vinccler, for $3 million cash, $10 million in promissory notes and 200,000 shares of Benton common stock.
The purchase brings Benton’s share of the oil-drilling venture to 80%. The company also said that Benton-Vinccler has refinanced $15 million of commercial paper, which served as project debt financing.
Benton-Vinccler is reactivating and developing three oil fields in Venezuela with proved reserves of 78 million barrels of oil. Benton said the venture successfully tested its first horizontal well in one of the fields.
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