Pogo Buying Latigo Pete
Pogo Producing (PPP) agreed to acquire privately held Latigo Petroleum for $750 million.
Latigo's reserves are 49% natural gas and 51% oil. Houston-based Pogo said the acquisition will increase its total proven oil and gas reserves by 13%, extend its indicated reserves life to 10 years and add over 400 development and exploration drilling locations to its inventory.
Pogo said it would finance the acquisition using existing cash, revolving credit facility and capital market transactions. The deal is expected to close in May, pending customary regulatory approval.
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