Pogo Producing to divest noncore assets

By OGJ editors
HOUSTON, Oct. 19 -- Pogo Producing Co. plans to divest nonstrategic oil and gas properties in the Gulf of Mexico, south and east Texas, south Louisiana, the Permian basin and Texas Panhandle areas, and western Canada.

Pogo expects $700-800 million in proceeds from the sales, and the company plans to use the proceeds to reduce debt. The divestitures are scheduled to be completed in two phases.

The first phase, including the Gulf of Mexico, south and east Texas, and south Louisiana, is expected to close by the end of first quarter 2007. Production from these properties is estimated at 37 MMcfd of gas equivalent.

The second phase, covering properties in the Permian basin, the Texas Panhandle, and western Canada, is expected to be completed by midyear.

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