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Pogo sells Hungarian subsidiary

Natural gas exploring company Pogo Producing Company has said that it has agreed to sell its wholly-owned subsidiary, Pogo Hungary Kft, to Toreador Resources Corporation. The purchase price for the transaction is approximately USD 9 million and closing is expected by the end of June 2005, the company said yesterday. Pogo's Chairman and Chief Executive Officer, Paul G. Van Wagenen, said, "The completion of this transaction is another step in implementing Pogo's 2005 Strategic Initiatives announced in January of this year. Although we were successful in Hungary, we unfortunately did not achieve the critical mass necessary to justify continued investment”