Pogo shareholders choose merger consideration in deal with Plains Exploration

By Lisa Kerner

Charlotte, N.C., Nov. 13 - Pogo Producing Co. stockholders completed their elections for consideration in the merger of Pogo with and into PXP Acquisition LLC, a subsidiary of Plains Exploration & Production Co.

Pogo shareholders who chose cash consideration will receive approximately $56.53 in cash and 0.0396 of a share of Plains Exploration common stock per Pogo share. Those who chose stock will receive 1.1870 shares of Plains Exploration common stock per Pogo share. Shareholders who did not make a valid election will receive 1.1870 shares of Plains Exploration common stock for each Pogo share.

The cash election and stock election were subject to proration, with cash issued in lieu of fractional shares, according to a Plains news release.

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 consideration of approximately $60.00 per share.

Total consideration for outstanding Pogo shares is 40 million Plains shares and some $1.5 billion in cash.

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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