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Hart's Petroleum Finance Week, September, 2004
Pogo Producing Co., Houston, (NYSE: PPP) plans to acquire gas properties in the San Juan Basin region for $189 million in two separate transactions. These acquisitions will give Pogo an estimated 100 billion cubic feet of gas equivalent of proven reserves and current production of 15 million cubic feet of gas per day. Pogo will be operator.
The proven reserves have a reserves-to-production index of 18 years. Plans for these properties will involve an active 2005-2006 drilling program of approximately 50 wells.
Upon closing of these two transactions, Pogo will have acquired more than 150 billion cubic feet equivalent of proven reserves for approximately $235 million to date in 2004.
Baytex Energy Trust, Calgary, (Toronto: BTE) plans to acquire a...
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