Benton Oil and Gas to move to Texas, cut jobs June 6, 2001

NEW YORK (Reuters) via NewsEdge Corporation -

Debt-burdened Benton Oil and Gas Company on Wednesday said it will cut staff and take a charge of up to $1.5 million in the second quarter due to the company's relocation to Houston, Texas from its current base in Carpinteria, California.

Benton said in a statement that the move will result in an extraordinary charge for the second quarter of between $1 million and $1.5 million related to severance and transition costs.

The company did not say how many jobs would be affected by the move, which is effective June 15.

As a result of the plan, the independent oil and gas company said it expects to reduce yearly general and administrative expenses by 50 percent to $4 million from $8 million.

Benton said it expects to recoup the cost of relocation expenses by the end of the first quarter of 2002.

http://www.individual.com/story.shtml?story=d0606163.800

-- Martin Thompson (mthom1927@aol.com), June 07, 2001