Pogo Completes Retirement of 10 3/8% Notes

Pogo Producing Company (NYSE: PPP) has completed the retirement of all $150 million of its outstanding 10 3/8% Senior Subordinated Notes due 2009. This was accomplished through the payment, including a call premium plus all accrued interest, of approximately $161 million in cash.

Pogo's Chairman and Chief Executive Officer, Paul G. Van Wagenen commented, "Pogo's balance sheet strength is outstanding. This particular debt retirement marks just one more step in that same positive direction."
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