Benton Oil & Gas Revises Planned Stock Offering
Benton Oil & Gas Co., an Oxnard energy exploration and production company, said it has revised its plans for a secondary offering of common stock that it had postponed earlier this month.
Benton had originally hoped to raise about $36 million, or $12 a share, through an offering of 3 million shares that was to be underwritten by PaineWebber Group Inc. But PaineWebber has reportedly backed out of the deal.
Benton is now planning to offer 3 million shares at $10 apiece on a “best efforts” basis through members of the National Assn. of Securities Dealers. That means that brokers have agreed only to do their best to sell the stock, rather than buy the securities outright.
The oil and gas concern said it plans to use any proceeds it raises from the offering to pay debt and for working capital and capital expenditures.
Benton’s stock closed Monday at $8.625, down 50 cents.
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