Pogo Reports Loss of $45 Million in 3Q 2007

In the third quarter of 2007, Pogo reported a net loss of $45.9 million, or $(0.79) per share, on revenues of $201.1 million, compared to third quarter 2006 net income of $33.3 million, or $0.58 per share, on revenues of $232.1 million.

For the first nine months of 2007, Pogo's net loss was $111.9 million, or $(1.93) per share, on revenues of $635.5 million, compared to net income for the first nine months of 2006 of $462.7 million, or $8.04 per share, on revenues of $713.3 million. In the third quarter of 2007, Pogo reported a net loss from continuing operations (excludes results from Northrock Resources) of $0.3 million.

Discretionary cash flow in the third quarter and the first nine months of 2007 was $90.8 million and $339.0 million, respectively, compared to discretionary cash flow of $220.3 million in the third quarter and $489.3 million in the first nine months of 2006. Net cash provided by operating activities during the third quarter and the first nine months of 2007 was $89.7 million and $502.7 million, respectively, compared to $124.1 million and $462.3 million for the same time periods in 2006.

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