Benton Plans Offering of 4 Million Shares

Benton Oil & Gas Co., an Oxnard-based energy concern, plans to publicly offer an additional 4 million shares of common stock.

The offering, at Benton’s closing price Monday of $5.63 a share, would generate about $22.5 million in gross proceeds for the company. The offering would also increase Benton’s total shares outstanding to nearly 17 million.

Benton said it plans to use the proceeds to finance its operations off the Louisiana coast and in Russia, and for general purposes. The offering is being managed by S.G. Warburg Securities and Howard, Weil, Labouisse, Friedrichs Inc.