Well, it's done. Pogo Producing Co.-what's left of it, and it's a lot-will go to Plains Exploration & Production Co. Pogo is among E&P companies that have been pressured by hedge-fund managers in the past couple of years to rationalize their portfolios and, eventually, into a sale. In the case of Pogo, the active shareholder was Daniel Loeb, founder of Third Point LLC. He was also active in Western Gas Resources Inc., which went last year to Anadarko Petroleum Corp. Barry Rosenstein at Jana Partners LLC was behind The Houston Exploration Co.'s sale to Forest Oil Corp. this year. And, he partnered with Carl Icahn on pressuring Kerr-McGee Corp. into asset sales and its eventual sale to Anadarko. Third Point holds 7.9% (4.62 million) of outstanding Pogo shares; Pogo chief Paul G. Van Wagenen holds 1.3% (773,000). Other major shareholders are PrimeCap Management Co. (10.6%), State Farm (9.5%), TRT Holdings Inc. (9.2%), Third Avenue Management (6.2%) and Klingenstein, Fields & Co. (5.3%). Loeb and Van Wagenen have said they will vote their shares for the Plains deal, which is a stock and cash offer, thus each will hold a position in Jim Flores' company. Third Point is already a shareholder in Plains, holding 7.6% (5.5 million) of outstanding shares. Flores holds 2.2% (1.6 million). For more on this, see the August issue of Oil and Gas Investor. For a subscription, call 713-260-6441.

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