Benton Buys Another 13% Interest in Energy Field

Benton Oil & Gas Co. in Ventura said it bought an additional 13.3% working interest in the West Cote Blanche Bay Field, an energy field off the southern Louisiana coast, for about $9.5 million in cash and securities.

Benton, which bought the additional stake from four private companies and their affiliates that Benton did not identify, now controls about a 42% working interest in the field.

The price of the latest purchase included about $500,000 cash, Benton stock valued at about $1 million and mortgage notes totaling $8 million, Benton said. Repayment of the mortgage notes is due in three installments in October, and in January and April of next year.

Separately, Benton said it acquired various interests in five natural-gas wells in the Putah Sink Field, in California’s Sacramento Basin, for $1.65 million in cash. The seller was a “major oil and gas company” that Benton did not further identify.