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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): January 8, 1996
BENTON OIL AND GAS COMPANY
(Exact name of registrant as specified in its charter)
Delaware 1-10762 77-0196707
(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification No.)
incorporation)
1145 Eugenia Place, Suite 200
Carpinteria, California 93013
(Address of principal executive offices, with zip code)
Registrant's telephone number, including area code: (805) 566-5600
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ITEM 5. OTHER EVENTS.
Attached hereto as Appendix A and incorporated herein by this reference
is the Company's press release related to the settlement of certain litigation,
such release disseminated on January 8, 1996.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
(a) Financial Statement of Businesses Acquired.
None
(b) Pro Forma Financial Information.
None
(c) Exhibits.
None
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized on this 8th day of January, 1996.
BENTON OIL AND GAS COMPANY
By: /s/ Chris C. Hickok
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Chris C. Hickok, Vice President-Controller
and Principal Accounting Officer
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APPENDIX A
BENTON OIL AND GAS COMPANY ANNOUNCES
SETTLEMENT OF LITIGATION CLAIMS
FOR IMMEDIATE RELEASE: MONDAY, JANUARY 8, 1996
CARPINTERIA, CA. - (Jan. 8, 1996) - Benton Oil and Gas Company (NASDAQ NMS:
BNTN) today announced that it has settled a class action lawsuit brought by
investors in partnerships sponsored by third parties, for which Benton provided
the oil and gas prospects. Benton has settled the lawsuit in order to avoid
the high costs of litigation, and continues to vigorously dent any liability
for any of the alleged claims. Under the terms of the settlement agreement,
Benton has paid $841,500 into an escrow account for the benefit of the
plaintiff class, and will pay an additional $148,500 into the account upon
satisfaction of the conditions of the settlement. All of the settlement costs
will be expensed in the fourth quarter of 1995. However, as a result of higher
oil and gas production and foreign currency gains, the Company anticipates that
its fourth quarter earnings will be in the range of analysts' expectations.
The lawsuit and settlement do not relate to any partnership in which Benton
acted as the Managing General Partner including Benton's existing partnerships
which are currently the subject of an exchange offer.
Benton Oil and Gas Company, headquartered in Carpinteria, Calif., is an
independent oil and gas exploration and production company with domestic
operations in the Gulf Coast region of Louisiana and international operations
in the eastern region of Venezuela and the West Siberia region of Russia.
Benton's common stock is traded on the NASDAQ National Market System (symbol:
BNTN).
CONTACT: Gregory S. Grabar
Benton Oil and Gas Co.
(805)566-5600
