Beta Oil Raises $8.8 Million in Stock Sale

Beta Oil & Gas Inc., a Newport Beach oil and gas company, said Tuesday it raised $8.8 million in a public offering.

The 2-year-old firm will use proceeds to drill natural gas wells in Texas and Louisiana. The company sold nearly 1.5 million shares at $6 per shares, representing about 15% of the company’s stock.

Beta said it raised another $20 million from private investors to support oil and natural gas exploration in Texas, Louisiana, California and Australia.

The company has drilled three wells in Texas, five in Louisiana and one in California. It expects to drill 24 new wells in Texas and six in Louisiana annually over the next several years, Chief Executive Steve Antry said.

Beta has lost nearly $3 million since mid-1997 on revenue of $30,000. The Nasdaq-listed company employs six people. Beta shares closed Tuesday at $5.38, down 56 cents.