Friday, February 23, 2007

Loeb's Third Point LLC Proposes 6 Nominees to Pogo Producing (PPP) Board, Proposes Board Size Increased to 11

In an amended 13D filing on Pogo Producing Company (NYSE: PPP), 7.9% holder Dan Loeb's Third Point LLC proposed six nominees for election to the company's board of directors.

The firm proposed:

1. to nominate George K. Hickox, Jr., Christian Woessner, III, and Benjamin W. Miller to replace the Company's three directors whose terms expire at the Annual Meeting.

2. to amend the Bylaws to set the number of members of the Board at eleven.

3. amend the Bylaws to provide the Company's shareholders with the right to fill vacancies and newly created directorships on the Board

4. proposes to nominate Elizabeth K. Blake, George W. Braly and Robert T. Hanley for election at the Annual Meeting to fill the newly created directorships

5. proposes to amend the Bylaws to permit that the Chairman of the Board will be appointed by the Board and will not automatically be the CEO.

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