Pogo Successful in Alberta's Crown Sale
Pogo Producing Company successfully acquired three major parcels offered at the Alberta Crown sale held Wednesday, one of the largest lease sales ever held.
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
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