Pogo Wins Four New Gulf Coast Offshore Leases
Pogo Producing Company bid on 10 tracts and was high bidder on 4 of them at the federal oil and gas lease sale held today. The sale covered areas in the central part of the Outer Continental Shelf, offshore from the Louisiana coastline.
The total bonus for the 4 lease blocks on which Pogo Producing Company ("Pogo") was the high bidder was $3,635,850. When they are officially awarded, Pogo will own 50% of each of these new lease blocks. The successful bids on each block are as follows:
BLOCK TOTAL BID POGO'S % POGO'S SHARE Ewing Bank 998 $1,357,350 50% $678,675 Viosca Knoll 821 $1,337,500 50% $668,750 West Delta 146 $383,500 50% $191,750 Main Pass 249 $557,500 50% $278,750
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 good 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 before the end of this year."
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