2009-08-11-2007-07-01-2007-09-01

Production: 29,000 BOE/d

Abu Dhabi National Energy Co. PJSC, Abu Dhabi, UAE, (Abu Dhabi: TAQA) has closed its acquisition of Northrock Resources Ltd. from Pogo Producing Co., Houston, (NYSE: PPP) for US$2 billion in cash. The assets include 2.6 million acres primarily in Alberta, Saskatchewan and the Northwest Territories. Production is approximately 29,000 barrels of oil equivalent per day (51% oil). Proved reserves are approximately 706 billion cubic feet equivalent (55% oil). Pogo chairman and chief executive Paul G. Van Wagenen says, "Combined with our previously announced sales of various noncore assets, mostly in the onshore Gulf Coast area, as well as Pogo's strategic exit from the waters of the Gulf of Mexico, today's announcement should deliver meaningful incremental value to Pogo's shareholders." After closing, Pogo will have sold approximately 900 billion cubic feet equivalent of proven reserves for about US$2.6 billion, when including the Gulf divestment. Abu Dhabi National Energy CEO Peter E. Barker-Homek says, "We see the acquisition of Northrock Resources as a solid base for further investments and growth in Canada." Pogo now has an onshore U.S. asset base. Production is approximately 47,000 barrels equivalent per day. Proved reserves are 1.3 trillion cubic feet equivalent (65% gas) with approximately 81% of the reserves in the Western U.S. Plains Exploration & Production Co., Houston, (NYSE: PXP) plans to acquire Pogo for $1.5 billion in cash and approximately $2.1 billion in stock in a total deal valued at approximately $3.6 billion. The deal was contingent on Pogo completing its sale of its Northrock assets. Goldman, Sachs & Co. and TD Securities Inc. were financial advisors to Pogo.