DGL buying U.S. Exploration Inc.

The Associated Press

Privately held DGL Acquisition is acquiring struggling Denver oil and gas company United States Exploration Inc. for $53.3 million, company officials announced in late September.

Bruce Benson, U.S. Exploration’s chairman, chief executive and president, will resign once the acquisition is approved by regulators.

“We are selling U.S. Exploration because we want to provide more liquidity to our shareholders,” said Benson, who holds a 17 percent stake in the company and is the second-largest shareholder. “If shareholders can’t trade the stock, then there’s no value to it.” Benson also said the Sarbanes-Oxley Act, which requires publicly traded companies to follow many accounting rules, made it onerous to run a company the size of U.S. Exploration.

DGL has deposited a $2 million promissory note, to be replaced with $2 million in cash on or before Oct. 6, in escrow as earnest money.

Benson, chairman of Denver Public Schools Foundation and Metro State College’s Board of Trustees, said he will now devote more time to education-related issues. He still is president and owner of Benson Mineral Group Inc., an oil and gas production company.