Benton Oil Sells Colorado Interests, Nets $775,000
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Benton Oil & Gas Co., an Oxnard energy concern, said it sold its interests in its Colorado properties, netting about $775,000.
The sale included interests in 10 wells and some developed and undeveloped land that had estimated reserves as of Nov. 30 of 44,000 barrels of oil and 734 million cubic feet of natural gas. Benton said the buyer was a privately held oil and gas company that already owned 50% of the properties.
Benton said the sale was part of its strategic plan to focus its domestic operations on its Gulf Coast properties. It said the proceeds were used to repay long-term debt. Benton said it has repaid or refinanced $7.7 million of its $21.6 million in outstanding debt as of Sept. 30.
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