<PAGE>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G/A
Under the Securities Exchange Act of 1934
(Amendment No. 1)
Benton Oil & Gas Company
- --------------------------------------------------------------------------------
(Name of Issuer)
Common Stock
- --------------------------------------------------------------------------------
(Title of Class of Securities)
083288 10 0
------------------------------
(CUSIP Number)
December 31, 1999
- --------------------------------------------------------------------------------
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule
is filed:
[_] Rule 13d-1(b)
[X] Rule 13d-1(c)
[_] Rule 13d-1(d)
<PAGE>
SCHEDULE 13G--Amendment No. 1
- ------------------------------------------------------------------------------
CUSIP NO. 083288 10 0
-----------
- ------------------------------------------------------------------------------
NAMES OF REPORTING PERSONS: Cross Timbers Oil Company
1 I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS: 75-2347769
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
2 (a) [X]
(b) [_]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION Delaware
4
- ------------------------------------------------------------------------------
SOLE VOTING POWER 300,000
5
NUMBER OF
SHARES -----------------------------------------------------------
SHARED VOTING POWER 716,500*
BENEFICIALLY 6
OWNED BY
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER 300,000
7
REPORTING
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER 716,500*
WITH 8
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,016,500*
9
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
10 (see Instructions)
[_]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 3.4%
11
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON (See Instructions) CO
12
- ------------------------------------------------------------------------------
* Includes 716,500 shares held by Cross Timbers Trading Company, a wholly-owned
subsidiary of Cross Timbers Oil Company.
<PAGE>
SCHEDULE 13G--Amendment No. 1
- ------------------------------------------------------------------------------
CUSIP NO. 083288 10 0
-----------
- ------------------------------------------------------------------------------
NAMES OF REPORTING PERSONS: Cross Timbers Trading Company
1 I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS: 75-2613610
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
2 (a) [X]
(b) [_]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION TEXAS
4
- ------------------------------------------------------------------------------
SOLE VOTING POWER 0
5
NUMBER OF
SHARES -----------------------------------------------------------
SHARED VOTING POWER 716,500
BENEFICIALLY 6
OWNED BY
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER 0
7
REPORTING
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER 716,500
WITH 8
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 716,500
9
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
10 (SEE INSTRUCTIONS)
[_]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 2.4%
11
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) CO
12
- ------------------------------------------------------------------------------
<PAGE>
Item 1
(a) Name of Issuer Benton Oil and Gas Company
(b) Address of Issuer's Principal Executive Offices
6267 Carpinteria Avenue, Suite 200
Carpinteria, CA 93013
Item 2
(a) Name of Person Filing
Cross Timbers Oil Company
Cross Timbers Trading Company, a wholly-owned subsidiary of Cross
Timbers Oil Company
(b) Address of Principal Business Office or, if none, Residence
810 Houston Street, Suite 2000
Fort Worth, Texas 76102
(c) Citizenship
Cross Timber Oil Company is a Delaware corporation.
Cross Timbers Trading Company is a Texas corporation.
(d) Title of Class of Securities
Common Stock
(e) CUSIP Number
083288 10 0
Item 3. Not applicable.
Item 4. Ownership.
(a) Amount beneficially owned as of December 31, 1999:
Cross Timbers Oil Company (includes shares
held by Cross Timbers Trading Company) 1,016,500
Cross Timbers Trading Company 716,500
(b) Percent of class:
Cross Timbers Oil Company (includes shares
held by Cross Timbers Trading Company) 3.4%
Cross Timbers Trading Company 2.4%
(c) Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote
Cross Timbers Oil Company 300,000
Cross Timbers Trading Company 0
(ii) Shared power to vote or to direct the vote:
Cross Timbers Oil Company 716,500
Cross Timbers Trading Company 716,500
(iii) Sole power to dispose or
to direct the disposition of:
Cross Timbers Oil Company 300,000
Cross Timbers Trading Company 0
<PAGE>
(iv) Shared power to dispose or
to direct the disposition of:
Cross Timbers Oil Company 716,500
Cross Timbers Trading Company 716,500
Item 5. Ownership of Five Percent or Less of a Class.
If this statement is being filed to report the fact that as of the date
hereof the reporting person has ceased to be the beneficial owner of
more than five percent of the class of securities, check the following:
[X]
Item 6. Ownership of More than Five Percent on Behalf of Another Person.
Not applicable.
Item 7. Identification and Classification of the Subsidiary Which Acquired the
Security Being Reported on by the Parent Holding Company.
Not applicable.
Item 8. Identification and Classification of Members of the Group.
The persons identified under Item 2 above are filing this schedule as a
group pursuant to Rule 13d-1(c).
Item 9. Notice of Dissolution of a Group
Not applicable.
Item 10. Certification
By signing below I certify that, to the best of my knowledge and
belief, the securities referred to above were not acquired and are not
held for the purpose of or with the effect of changing or influencing
the control of the issuer of the securities and were not acquired and
are not held in connection with or as a participant in any transaction
having that purpose or effect.
<PAGE>
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
CROSS TIMBERS OIL COMPANY
Date: February 14, 2000 By: /s/ LOUIS G. BALDWIN
-------------------------------
Louis G. Baldwin
Executive Vice President and
Chief Financial Officer
CROSS TIMBERS TRADING COMPANY
By: /s/ LOUIS G. BALDWIN
-------------------------------
Louis G. Baldwin
Executive Vice President and
Chief Financial Officer
