Demanded

Alberta natural gas royalties will rise, but a year later than initially proposed and the increase will be less than two-thirds of what had been demanded by a government-appointed revenue inquiry.

Alberta natural gas royalties will rise, but a year later than initially proposed, and the increase will be less than two-thirds of what had been demanded by a government-appointed revenue inquiry.

The CEO of New York-based hedge fund Third Point LLC, which in November purchased a substantial stake in Pogo Producing Co. (see NGI, Nov. 27), on Friday demanded the company initiate a process to sell the company “in whole or part.” In a letter, Third Point CEO Daniel S. Loeb called the track record of Pogo’s CEO “long and meager” and said it was time for a change.

The CEO of New York-based hedge fund Third Point LLC, which in November purchased a substantial stake in Pogo Producing Co. (see Daily GPI, Nov. 27), on Friday demanded that the Pogo board initiate a process to sell the company “in whole or part.” In a letter, Third Point CEO Daniel S. Loeb called the track record of Pogo’s CEO “long and meager” and said it was time for a change.

Houston Exploration (THX) shares jumped 6% Monday to $57.97 after hedge fund JANA Partners LLC, which has been critical of THX management and recently demanded that the company open its books, offered to buy Houston Exploration for $62 per share, or about $1.8 billion. The company advised shareholders to take no action on the offer until its board has had time to review it.