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Gold/Mining/Energy : Swift Energy (SFY) -- Ignore unavailable to you. Want to Upgrade?

To: FloydP who wrote (1320)	11/20/2000 12:45:26 PM
From: Liatris Spicata	Respond to of 1602

Yup, Pogo cares! (or is that lives?) Any, here's the gist of an article by Chip Cummins in today's WSJ. Nuthin' 'bout SFY, however. <<Joining the scramble for North American natural gas, Pogo Producing Co., an independent oil exploration and production concern, said it has agreed to buy the parent of North Central Oil Corp. for about $630 million in cash and stock, plus the assumption of about $120 million of debt. Pogo's board approved the purchase of closely held Noric Corp., North Central's parent, over the weekend, and an announcement is expected Monday, according to Paul G. Van Wagenen, Pogo's chairman, president and chief executive officer. Finding new natural-gas reserves in North America's picked-over fields has become increasingly difficult and expensive, forcing smaller, independent producers to bolster reserves through acquisitions like this one. At the same time, gas prices have soared. Last week, a handful of energy analysts raised their natural-gas price forecasts after futures prices hit new highs, fetching at one point more than $6 per million British thermal units. The deal, if completed, would boost Pogo's oil and gas reserves by 63% to 1.38 trillion cubic feet equivalent. Pogo's reserves, which currently favor oil over gas, would shift to about 61% gas and 39% oil after the transaction. "It does give you a gassier focus, and it's very intentional," Mr. Van Wagenen said. "The fundamentals [for natural gas] are very strong.">> ...