Pogo Wins 15 New Gulf Coast Offshore Leases

Pogo Producing bid on 20 tracts and was high bidder on 15 of them at the federal oil and gas lease sale held on March 17th. The sale covered areas in the central part of the outercontinental shelf, offshore from the Louisiana coastline in the Gulf of Mexico.

The total bonus for the 15 lease blocks on which Pogo was the high bidder was $12,647,000. When they are officially awarded, Pogo will be the sole owner of each of these new lease blocks. The successful bids on each block are as follows:

           BLOCK                    POGO'S %               TOTAL BID
     East Cameron 117                 100%                $   175,000
     East Cameron 207                 100%                $   379,000
     Ship Shoal 55                    100%                $   333,000
     Ship Shoal 77                    100%                $   222,000
     Ship Shoal 80                    100%                $   237,000
     Ship Shoal 147                   100%                $   376,000
     Ship Shoal 205                   100%                $   650,000
     Breton Sound 43                  100%                $    77,000
     Ewing Bank 992                   100%                $   225,000
     Mississippi Canyon 618           100%                $   838,000
     South Marsh Island 5             100%                $ 1,050,000
     South Marsh Island 6             100%                $ 1,280,000
     Ewing Bank 906                   100%                $ 1,222,000
     Ewing Bank 948                   100%                $ 4,250,000
     Ewing Bank 950                   100%                $ 1,333,000



Pogo's Chairman, Paul G. Van Wagenen, said, "We are extremely pleased with this lease sale. All of these outercontinental shelf lease blocks are located in our core areas of interest. We have identified some exciting exploration prospects on these blocks using newly acquired 3-D seismic information and we look forward to an early award so that we might begin drilling on some of those prospects as early as the second half of this year."
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