Pogo Producing Co. will increase its exposure to North American natural gas significantly upon acquiring Noric Corp., the parent of North Central Oil Corp. The Houston independent is offering $630 million-half in cash and half in Pogo common stock, subject to a collar-and to assume approximately $120 million of North Central's net debt, for a total deal value of approximately $750 million. (For more on this deal, see the article "Pogo Adds More Gas" in this issue of Oil and Gas Investor.) An undisclosed buyer plans to acquire properties in Kern County, Calif., from Bargo Energy Co., Houston. Closing will be no later than Jan. 15, 2001. Also, Bargo sold various nonstrategic assets in the Permian Basin, East Texas and Kansas. Proceeds from these sales are expected to be approximately $65 million, which will be used to pay bank debt. St. Mary Land & Exploration Co. , Denver, has acquired oil and gas properties from subsidiaries of JN Resources Inc. and The William G. Helis Co. LLC for $37.2 million in cash. The properties are primarily in Oklahoma's Anadarko Basin and currently produce 8.5 million cu. ft. of gas equivalent per day, net to St. Mary. Chesapeake Energy Corp. plans to acquire working interests in producing properties in Oklahoma and northern Texas and a gas-gathering system in Oklahoma from Questar Corp., Salt Lake City, subsidiaries for $27 million.
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