Third Avenue increases stake in Pogo Productions after criticizing company's performance

By Lisa Kerner

Charlotte, N.C., Feb. 5 - Third Avenue Management LLC increased its stake in Pogo Producing Co. to 7.9%, or 4.6 million shares, from 6.2%, or 3.6 million shares, according to an amended schedule 13D filing with the Securities and Exchange Commission.

In a Jan. 29 schedule 13D filing, Third Avenue portfolio managers Curtis Jensen and Ian Lapey said the company's net debt has increased by more than six times to $2.111 billion at Sept. 30 and noted that it was time for a change in company direction.

The shareholders also noted that chief executive officer Paul G. Van Wagenen received an 11.8% salary increase and a restricted stock award valued at $2 million in 2005 despite the company's poor performance.

Third Avenue, in its Jan. 29 filing, suggested a number of changes to increase shareholder value, including changes to the board of directors and the sale of material assets.

Pogo is a Houston-based natural gas production and exploration company.

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