Pogo Producing Co. said it purchased the stock of a private company with about 90 Bcfe of proven West Texas gas reserves for $208 million, including $35 million of assumed debt. The acquisition is expected to be immediately accretive to Pogo’s earnings, cash flow, production and reserves per share, the company said. It expects to finance the acquisition with available cash and bank debt.
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Pogo Adds 90 Bcfe of West Texas Reserves for $208M
Pogo Producing Co. said it purchased the stock of a private company with about 90 Bcfe of proven West Texas gas reserves for $208 million, including $35 million of assumed debt. The acquisition is expected to be immediately accretive to Pogo’s earnings, cash flow, production and reserves per share, the company said. It expects to finance the acquisition with available cash and bank debt.
November 12, 2004