Benton Oil and Gas Plans $50-Million Offering
- Share via
Benton Oil and Gas Co., an Oxnard energy concern, said it has filed a registration statement with the Securities and Exchange Commission for a $50-million offering of notes.
The company said that $8 million of the money from the sale of the senior discount notes would be used to repay the promissory notes it used to finance the purchase of an additional 30% equity interest in its Benton-Vinccler subsidiary, which is drilling for oil in Venezuela.
Another $25 million would be used to drill wells, build new production facilities and conduct a seismic survey in Venezuela. And $10 million would be used to speed up development of Benton’s properties in the Gulf Coast region of Louisiana.
Sign up for Essential California
The most important California stories and recommendations in your inbox every morning.
You may occasionally receive promotional content from the Los Angeles Times.
