Benton Says Settlement of Suit Erases Cloud on Leases
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Benton Oil & Gas Co., an Oxnard energy concern, said the state of Louisiana has agreed to settle its lawsuit with Texaco over the calculation of royalties owed by Texaco under certain leases.
The leases in question are for properties that Benton has stakes in: the West Cote Blanche Bay Field, in which Benton has a 43% working interest, and the Rabbit Island and Belle Isle fields, in which Benton has working interests of 25%.
Benton’s interests in these fields, which represent substantially all of the company’s domestic reserves and production, were originally owned by Texaco under leases granted by Louisiana. Benton began acquiring the interests in 1990. Benton was not a party to the litigation, but the dispute “caused a cloud on Benton’s title to these properties,” the company said.
The settlement is subject to final approval by the Louisiana State Mineral Board and a fairness hearing by a U. S. District Court.
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