Benton Oil and Gas Company Repurchases $13 Million of Its Senior Notes.Business Editors CARPINTERIA, Calif.--(BUSINESS WIRE)--Sept. 21, 2000 Benton Oil and Gas Company (NYSE NYSE See: New York Stock Exchange :BNO BNO Beroepsorganisatie Nederlandse Ontwerpers BNO Boys' Night Out (band) BNO Boyz Nite Out BNO Big Night Out (band) BNO Bau- und Nutzungsordnung BNO Baksan Neutrino Observatory ) today announced that it has acquired a total of $13 million face value of its 11 5/8% Senior Notes due 2003. A total of $8 million of the notes have been exchanged for 2.7 million newly issued common shares. In addition, $5 million of the notes have been purchased for $3.8 million in cash. Dr. Peter J. Hill, President and Chief Executive Officer, stated, "While not due for more than 2 1/2 years, the Years, The the seven decades of Eleanor Pargiter’s life. [Br. Lit.: Benét, 1109] See : Time notes have been of concern to the Company and the investment community. These transactions represented a timely opportunity to strengthen the balance sheet by reducing the outstanding amount of those notes by more than 10%. "In addition to resulting in one-time extraordinary gains of $3.3 million, these transactions will reduce annual interest payments by $1.5 million and eliminate $13 million in principal payments due in May 2003, favorably fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. impacting net income and cash flow from operations Cash flow from operations A firm's net cash inflow resulting directly from its regular operations (disregarding extraordinary items such as the sale of fixed assets or transaction costs associated with issuing securities), calculated as the sum of net income plus noncash expenses . "We believe that the financial flexibility afforded by these transactions will help the Company realize the substantial value in its asset base and regain its growth momentum for the benefit of its investors," Dr. Hill noted. "The Company is currently developing a value-focused strategic agenda. Encompassing operations, finances, organization and business processes, the agenda is well advanced, and we expect to unveil it to the investment community in the near future." Benton Oil and Gas Company, headquartered in Carpinteria, California Carpinteria is a small oceanside city located in the southeastern extremity of Santa Barbara County, California, east of Santa Barbara and northwest of Ventura. The population was 14,194 at the 2000 census. , is an independent oil and gas exploration and development company with principal operations in Venezuela and Russia. This press release may contain "Forward-Looking Statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. " within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. 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. |
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