Plains to buy Pogo, plans upstream MLP

Oil and Gas Investor This Week,  September, 2007  

Tags: New York Stock Exchange, Plains Exploration

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Plains Exploration & Production Co., Houston, (NYSE: PXP) plans to acquire Pogo Producing Co., Houston, (NYSE: PPP) for $1.5 billion in cash and approximately $2.1 billion in stock in a total deal valued at approximately $3.6 billion.

Pogo shareholders will receive 0.68201 Plains share and $24.88 in cash per Pogo share, a 19% premium to the pre-announcement value of Pogo shares. Plains shareholders own approximately 66% of the combined company.

Pogo has 432 productive and 56 dry gross wells on 5.1 million gross lease acres in North America, 6.3 million gross acres in New Zealand and 1.5 ...

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