Pogo Strikes Out Twice in the Gulf of Mexico

Pogo Producing reports that the Eugene Island Block 256 A-8 and the Ewing Bank Blocks 950/906 #1 exploration wells have been drilled to total depth and neither well encountered commercial quantities of hydrocarbons.

At Ewing Bank Blocks 950/906, the #1 well was drilled to a vertical depth of 12,734 feet and has been plugged and abandoned. Pogo was the operator of the well and held a 100% working interest. At Eugene Island Block 256, a long-time producing block, the A-8 exploratory well was drilled to a vertical depth of 19,214 feet and is being temporarily plugged and abandoned allowing for the possibility of future operations. Pogo was the operator of the Block 256 well and held a 50% working interest. In the first quarter of 2005, Pogo expects to recognize approximately $23 million in dry hole expenses in connection with these two wells.

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