Benton Oil & Gas Sells Interest in Louisiana Field

Benton Oil & Gas Co., an Oxnard-based petroleum exploration and production company, said it has sold a 10% working interest in its West Cote Blanche Bay Field in Louisiana to Tenneco Ventures of Houston for $6.2 million and future consideration of up to $3.7 million.

The sale, involving about 4 million barrels of proved reserves, leaves Benton with a 32% interest in the natural gas field, Benton said. As part of the transaction, Benton said it is finalizing a $10-million working capital facility with the Tenneco / Encap gas fund secured by Benton’s domestic oil and gas reserves.

The sale and working capital facility provide the company “additional financial flexibility and an expanded capital base upon which to continue to grow our domestic operations,” said Alex E. Benton, chief executive of Benton Oil & Gas.