Pogo Producing Company, through its wholly owned subsidiary, Northrock Resources Ltd., was successful in the lease sale buying three parcels in central Alberta for a total purchase price of USD $11,966,620. Pogo will own 100% of each of these new leases, adding 10,240 acres to its over 1.1 million acres of undeveloped leasehold acreage in western Canada.
PARCEL U.S. DOLLAR BID POGO'S % ACREAGE A0448 $6,591,430 100 5,600 A0461 $4,708,160 100 4,000 A0513 $667,030 100 640 TOTAL $11,966,620 100 10,240
Pogo's Chairman, Paul G. Van Wagenen, said, "We are extremely pleased with the results of Wednesday's Canadian lease sale, the first major sale held since Pogo acquired Northrock Resources in September. Each of the three parcels is located in one of the Company's core areas. The acquired acreage lies near a recently drilled natural gas well (11-21-33-25W4M), which tested from the Lower Cretaceous at a rate exceeding 5 million cubic feet per day. There is the potential for future coalbed methane exploration in addition to multi-zone conventional opportunities in each of these three parcels. This leasehold acquisition will prompt the drilling of at least five more exploration wells in our 2006 drilling program in that central Alberta region."
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