Benton Oil and Gas Gains Development Credit

Benton Oil and Gas Co. said it has closed an agreement with the Tenneco/EnCap Gas Fund and a Norwegian bank that will give Benton access to a $15-million revolving credit facility. Benton, an independent oil and gas exploration company based in Oxnard, said it will use the credit facility to finance the ongoing development of its properties in Louisiana.

“This development will include the drilling in 1995 of a number of high potential natural gas wells in the West Cote Blanche Bay, Rabbit Island and Belle Island Fields,” said A. E. Benton, chief executive of the company.