Mitsui & Co. Ltd., Tokyo, (Nasdaq: MITSY) and its subsidiaries Mitsui & Co. (U.S.A.) Inc. and Mitsui Oil Exploration Co. Ltd. have acquired an undivided 50% of all Gulf of Mexico oil and gas leasehold interests from Pogo Producing Co., Houston, (NYSE: PPP) for $500 million in cash. Pogo retains the remaining 50% interest in each of its Gulf properties, which represent more than 6% of its total proven reserves and the possibility to participate to some extent in any significant future discovery made on those offshore blocks. Net production, without any reduction due to continuing hurricane damage-related curtailments, is 8,000 barrels of oil and 24 million cubic feet of gas per day. Proven reserves are approximately 143 billion cubic feet equivalent, or 24 million barrels of oil equivalent.
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