Pogo Producing to redeem 5½% convertibles

New York, June 6 - Pogo Producing Co. said it will redeem its $115 million outstanding 5½% convertible subordinated notes due 2006.

The Houston oil and gas exploration and development company will redeem the convertibles on July 7 at 101.65% of par plus accrued interest to July 7.

Holders may also convert the notes through July 3 into common stock at $42.185 per share. Pogo stock closed at $44.00 Friday.

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