By OGJ editors
HOUSTON, Nov. 12 -- Pogo Producing Co., Houston, plans to drill more than 100 wells during 2005-06 on West Texas oil and gas producing properties it is acquiring from a private company.
The company has signed a definitive stock purchase agreement worth $208 million, including $35 million in debt, and expects to close the deal on Dec. 21.
Pogo will acquire 90 bcfe of proved reserves and 16.5 MMcfd of gas equivalent production. It will become operator on most of the properties, which cover 15,000 leasehold acres.
Pogo Chairman and CEO Paul G. Van Wagenen cited potential for "repeatable, low-risk development drilling," recompletions, and exploratory drilling.
"We hope to more than double the current daily production rate from these properties by the end of 2005," he said.
