Plains Exploration, Pogo Producing set meeting date to decide merger

By Lisa Kerner

Charlotte, N.C., Oct. 1 - Shareholders of Plains Exploration & Production Co. and Pogo Producing Co. will vote on the companies' proposed merger at separate meetings on Nov. 6 at 10 a.m. ET in Houston, according to a form 424B3 filing with the Securities and Exchange Commission.

It was previously reported that Plains and Pogo agreed to merge in a stock and cash transaction worth an estimated $3.6 billion. The agreement gives Pogo stockholders 0.68201 of a share of Plains common stock and $24.88 in cash for each share of Pogo common stock, or consideration of approximately $60 per share. Total consideration for outstanding Pogo shares is 40 million Plains shares and some $1.5 billion in cash.

Following the closing, Plains stockholders will own about 66% of the combined company and Pogo stockholders will own the remaining 34%. Plains' James C. Flores will remain the chairman, president and chief executive officer along with Plains' current executive staff. Two members of Pogo's board of directors will join the board of Plains.

Plains is a Houston independent oil and gas company. Pogo, also based in Houston, is a natural gas production and exploration company.

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