GREY:MGMCF - Post by User
Comment by
glaciermanon Jan 14, 2013 6:53pm
175 Views
Post# 20837042
RE: RE: Taqa in the Weeds
RE: RE: Taqa in the Weeds SAN FRANCISCO (MarketWatch) -- Pogo Producing Co. said Monday it has reached a deal to sell the outstanding stock of its wholly owned subsidiary Northrock Resources Ltd. for $2 billion in cash to Abu Dhabi National Energy Company.
The company said the sale of Northrock Resources includes properties located largely in Alberta, Saskatchewan and the Northwest Territories. Northrock properties currently produce approximately 29,000 barrels of oil equivalent per day and contain approximately 706 billion cubic feet equivalent (bcfe) of estimated proven reserves as of the end of last year.
About 51% of the production and 55% of the Northrock reserves are oil. The sale is expected to close during the third quarter of 2007, subject to conditions and regulatory approval, the company