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HOUSTON, March 22 /PRNewswire-FirstCall/ -- Benton Oil and Gas Company (NYSE: BNO - news) said today that its sale of its entire interest in Arctic Gas Company to a nominee of the Yukos Oil Company for $190 million has received the requisite consents from the Russian Ministry for Antimonopoly Policy and Entrepreneurship. Benton expects that all aspects of the transaction will be completed within three weeks.
Benton's President and CEO, Dr. Peter J. Hill, said, "We welcome the news that the sale of our interest in Arctic Gas can now proceed. This transaction, when closed, marks the beginning of a new era for our company. With a much strengthened balance sheet, we will be better able to exploit our remaining strategic assets in Russia and our attractive position in Venezuela."
Benton Oil and Gas Company, headquartered in Houston, Texas, is an independent oil and gas exploration and development company with principal operations in Venezuela and Russia.
CONTACT:
Steven W. Tholen
Senior Vice President, Chief Financial Officer
(281) 579-6700
Ken Dennard / kdennard@easterly.com
Lisa Elliott / lisae@easterly.com
Easterly Investor Relations
(713) 529-6600
This press release may contain "Forward-Looking Statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements other than statements of historical facts included in this release may constitute forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. Actual results may differ materially from the Company's expectations due to changes in operating performance, project schedules, oil and gas demands and prices, and other technical and economic factors.