Buttes Gas & Oil omitted a preferred dividend.

The Oakland-based oil and gas producer, which suffered heavy losses in its contract drilling business, said it would not pay the 52.5 cent dividend on its $2.10 cumulative preferred stock. The ailing company, which reported operating losses in each of the last three years, previously announced that it is negotiating with creditors to restructure its debt and postponed its annual meeting until next month.