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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (date of earliest event reported): November 27, 2000
Pogo Producing Company
(Exact name of registrant as specified in its charter)
Delaware 1-7792 74-165 9398
(State or other jurisdiction of (Commission (I.R.S. Employer
incorporation or organization) File Number) Identification No.)
5 Greenway Plaza, Suite 2700
Houston, Texas 77046-0504
(Address of principal executive offices and zip code)
Registrant's telephone number, including area code: (713) 297-5000
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Item 5. Other Events
FOR IMMEDIATE RELEASE
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CONTACT: PAUL G. VAN WAGENEN
(713) 297-5000
POGO DRILLS TWO SUCCESSFUL EXPLORATORY WELLS
IN THE GULF OF MEXICO
HOUSTON, TX. - November 27, 2000 - Pogo Producing Company ("PPP"-NYSE) has
drilled two successful exploratory wells in its extensive leasehold inventory in
the Gulf of Mexico, it was announced today by Paul G. Van Wagenen, Chairman and
Chief Executive Officer.
"We are delighted to find multiple high quality reservoirs containing
significant hydrocarbons on two of our exploratory blocks in the Gulf and are
now following up with more exploratory delineation drilling on these two fields
as well as our other planned fourth-quarter exploratory projects."
The Main Pass Block 61 #1 wildcat well was drilled on Pogo's 100% owned two-
block complex at Main Pass Blocks 61 and 62. The well, located in 92 feet of
water, was drilled to a total depth of 7,276 feet and discovered 96 feet of net
oil pay below 7,000 feet. The reservoir quality encountered by the discovery
well was determined to be excellent. The well will set up several delineation
wells, the first one of which has just been spudded and will test the same
reservoir, which could be as large as 800 acres, at a location approximately
three-quarters of a mile away in Main Pass Block 62, to a position about 150
feet down-dip from the Main Pass Block 61 #1 discovery well. The objective
depth in the new well can be reached in approximately two weeks. Pogo's
geoscientists have now identified additional prospects on two different, but
geologically similar
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features elsewhere on this two-block field. Each prospect contains roughly the
same areal extent as the newly discovered field.
Elsewhere in the Gulf, Pogo (a 50% owner) and its partners in Ewing Bank
Blocks 871 and 872 have drilled a discovery well, the Ewing Bank Block 871 #1,
located in 932' of water, encountering two finite pay intervals totaling some
134 net feet of pay. The deeper pay interval was flow-tested at a daily
calculated rate of approximately 4,300 barrels of oil and 2.9 million cubic feet
of natural gas. Another fine reservoir was encountered at a shallower depth but
was not tested immediately. Drilling has also started on a delineation well to
explore these same intervals some 1-1/2 miles from the discovery well.
Mr. Van Wagenen said, "We are excited by the prolific test rate, but even more
pleased about the potential we see in several additional drill sites we have
identified in this field." Pogo's partners in the Ewing Bank field include
Walter Oil & Gas, the operator and 40% owner, and Continental Land & Fur Co.,
Inc., a 10% owner.
* * *
Pogo Producing Company explores for, develops and produces oil and natural
gas. Headquartered in Houston, Pogo owns various ownership interests in 106
federal and state Gulf of Mexico lease blocks offshore from Louisiana and Texas.
Pogo also owns approximately 340,000 gross leasehold acres in various oil and
gas provinces onshore in the United States and Canada, approximately 713,000
gross acres in the Gulf of Thailand, approximately 778,000 gross acres in
Hungary, and approximately 193,000 gross acres in the United Kingdom and Denmark
sectors of the North Sea. Pogo common stock is listed on the New York Stock
Exchange under the symbol PPP.
3
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
Pogo Producing Company
Date: November 27, 2000 By: /s/ Gerald A. Morton
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Gerald A. Morton
Vice President - Law
and Corporate Secretary
