Plains Exploration & Production Co., Houston, (NYSE: PXP) plans to acquire Pogo Producing Co., Houston, (NYSE: PPP) for $1.5 billion in cash and approximately $2.1 billion in stock in a total deal valued at approximately $3.6 billion. Pogo has 432 productive and 56 dry gross wells on 5.1 million gross lease acres in North America, 6.3 million gross acres in New Zealand and 1.5 million gross acres in Vietnam with additional assets in Canada and the Gulf of Mexico. Following its sale of Northrock Resources Ltd. to Abu Dhabi National Energy Co. PJSC, Abu Dhabi, UAE, (Abu Dhabi: TAQA) Pogo's production will be approximately 47,000 barrels of oil equivalent per day. Proved reserves discounting the Northrock assets are 1.3 trillion cubic feet of gas equivalent (219 million barrels equivalent, 65% gas).
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