Buttes Gas & Oil is seeking to restructure its debt.

The Oakland-based oil and gas oil producer said it is meeting with its four major banks to restructure $275 million in long-term debt, more than half of which is bank debt. The firm reported a $29-million loss for 1984, its second straight year of losses, due to a slowdown in its contract drilling operations. Buttes also said that a lender canceled $20 million in 10-year notes in exchange for Buttes’ 60% interest in an oil and gas operation located in the United Arab Emirates.