Pogo producing company houston

Since last fall, Third Point had been pressuring Pogo to boost share performance through asset sales or outright sale of the company.

In April this year, Pogo headed off a proxy fight with Third Point by agreeing to expand its board to 10 from eight members and appoint Third Point founder Daniel Loeb and senior portfolio manager Bradley Radoff to fill the additional seats.

Plains said that although its own management team will run the combined company, two members of Pogo's board who were not identified will join the Plains board. Upon closing, expected in the fourth quarter this year, Plains stockholders will own about 66 percent of the company while Pogo stockholders own the remaining 34 percent.

Most Popular. Today's Gulf of Mexico sale, combined with the Latigo acquisition, marks a very significant step in solidifying Pogo's onshore North American focus. Nevertheless, that relatively modest remaining outer continental shelf presence maintains some production capacity and retains the possibility to participate, to some extent, in any significant future discovery which might be made on those offshore blocks.

This sale of 50 percent interest in Pogo's Gulf of Mexico assets is approximately equivalent to net production capacity, without any reduction due to continuing hurricane damage related curtailments, of 8, barrels per day of oil and 24 million cubic feet per day of natural gas, and, according to independent engineering estimates as of December 31, , approximately billion cubic feet of net estimated proven oil and gas reserves expressed in natural gas equivalents.

Separately, and importantly, Pogo announced that it will work together with Mitsui, on a non-exclusive basis, to seek further opportunities for the purpose of jointly acquiring interests in oil and natural gas assets in various basins across the United States and Canada.

Paul G. Van Wagenen , Chairman and Chief Executive Officer of Pogo, stated, "We are extremely pleased to make this announcement, as well as the sale of half of our stake in the Gulf of Mexico to Mitsui. Mitsui is a large, financially powerful company that we have come to know and greatly respect as a result of the sale to Mitsui of some of Pogo's assets in the Gulf of Thailand.

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