Plains acquires Pogo for $3.6 billion

Offshore staff

HOUSTON --Plains Exploration & Production Co. and Pogo Producing Co. have signed an agreement whereby Plains will acquire Pogo in a stock and cash transaction valued at $3.6 billion. The respective boards of directors have approved the agreement, which is pending stockholder approval. Completion of the merger is expected in 4Q 2007.

Post closing, it is anticipated that the PXP stockholders will own approximately 66% of the combined company and Pogo stockholders will own approximately 34 %.

07/17/2007