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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(AMENDMENT NO. )*
Pogo Producing Company
----------------------
(Name of Issuer)
Common Shares
-------------
(Title of Class of Securities)
730448107
---------
(CUSIP Number)
Third Avenue Management LLC
Attn: W. James Hall
622 Third Avenue, 32nd Floor
New York, NY 10017
(212) 888-2290
(Name, Address and Telephone Number of Person Authorized to
Receive Notices and Communications)
January 24, 2007
----------------
(Date of Event Which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to
report the acquisition that is the subject of this Schedule 13D, and is
filing this schedule because of ss.ss.240.13d-1(e), 240.13d-1(f) or
240.13d-1(g), check the following box. |_|
NOTE: Schedules filed in paper format shall include a signed original and
five copies of the schedule, including all exhibits. See ss.240.13d-7 for
other parties to whom copies are to be sent.
* The remainder of this cover page shall be filled out for a reporting
person's initial filing on this form with respect to the subject class of
securities, and for any subsequent amendment containing information which
would alter disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be
deemed to be "filed" for the purpose of Section 18 of the Securities
Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of
that section of the Act but shall be subject to all other provisions of the
Act (however, see the Notes).
PERSONS WHO RESPOND TO THE COLLECTION OF INFORMATION CONTAINED IN THIS FORM
ARE NOT REQUIRED TO RESPOND UNLESS THE FORM DISPLAYS A CURRENTLY VALID OMB
CONTROL NUMBER.
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CUSIP No. 730448107
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1 NAMES OF REPORTING PERSONS:
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY):
Third Avenue Management LLC (01-0690900)
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(SEE INSTRUCTIONS): (a) |_| (b) |_|
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3 SEC USE ONLY:
-------------------------------------------------------------------------------
SOURCE OF FUNDS (SEE INSTRUCTIONS):
4
WC
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5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e): |_|
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6 CITIZENSHIP OR PLACE OF ORGANIZATION:
Delaware
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7 SOLE VOTING POWER:
NUMBER OF
SHARES 3,609,309 shares
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8 SHARED VOTING POWER:
BENEFI-
CIALLY 0
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9 SOLE DISPOSITIVE POWER:
OWNED BY
EACH 0
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REPORTING
PERSON 0
WITH
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON:
3,609,309 shares
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12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
SHARES CERTAIN (SEE INSTRUCTIONS): |_|
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11):
6.2%
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14 TYPE OF REPORTING PERSON (SEE INSTRUCTIONS):
IA
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Note: All shares identified above are the Issuer's common shares, and the
percentage in Row 13 above relates to such common shares.
Item 1. Security and Issuer
-------------------
This statement on Schedule 13D relates to the shares of common stock,
par value $1.00 per share (the "Common Shares"), of Pogo Producing Company,
a Delaware corporation (the "Issuer"), with principal executive offices at
2200 Greenway Plaza, Suite 2200, Houston, Texas 77046.
Item 2. Identity and Background
-----------------------
(a) NAME
This statement is filed by Third Avenue Management LLC ("TAM"). The
executive officers of TAM are:
o David Barse: Chief Executive Officer of TAM.
o Vincent J. Dugan: Chief Financial Officer of TAM.
o W. James Hall: General Counsel and Secretary of TAM.
(b) RESIDENCE
The address of the principal business and principal office of TAM and
its executive officers is 622 Third Avenue, 32nd Floor, New York, NY 10017.
(c) PRESENT PRINCIPAL OCCUPATION OR EMPLOYMENT AND THE NAME, PRINCIPAL
BUSINESS AND ADDRESS OF ANY CORPORATION OR OTHER ORGANIZATION IN WHICH SUCH
EMPLOYMENT IS CONDUCTED
The principal business of TAM, a registered investment advisor under
Section 203 of the Investment Advisors Act of 1940, is to invest funds on a
discretionary basis on behalf of investment companies registered under the
Investment Company Act of 1940, sub-advised accounts and individually
managed separate accounts. The principal occupation of each of its
executive officers is to act in the capacity listed above.
(d) CRIMINAL CONVICTIONS
Neither TAM, nor, to the best of its knowledge, any of its executive
officers has, during the last five years, been convicted in a criminal
proceeding (excluding traffic violations or similar misdemeanors).
(e) CIVIL PROCEEDINGS
Neither TAM, nor, to the best of its knowledge, any of its executive
officers has, during the last five years, been a party to a civil
proceeding of a judicial or administrative body of competent jurisdiction
and as a result of such proceeding was or is subject to a judgment, decree
or final order enjoining future violations of, or prohibiting or mandating
activities subject to, federal or state securities laws or finding any
violation with respect to such laws.
(f) CITIZENSHIP
TAM is a limited liability company organized under the laws of the
State of Delaware. Each of its executive officers is a citizen of the
United States.
Item 3. Source and Amount of Funds or Other Consideration
-------------------------------------------------
TAM is a registered investment adviser that acts as direct adviser to
certain investment companies and other funds, as a sub-adviser to certain
other institutions, and as an adviser to separately managed accounts.
Certain portfolios of these funds have used working capital to purchase
Common Shares upon the orders of TAM acting as adviser or sub-adviser.
Advised Funds:
(i) AEGON/Transamerica Series-Third Avenue Value Portfolio, an
investment company registered under the Investment Company Act of
1940, has expended $18,664,753 to acquire 406,892 Common Shares; (ii)
AIC Corporate Fund Inc., a mutual fund corporation for which TAM acts
as investment advisor, has expended $18,059,283 to acquire 393,791
Common Shares; (iii) Arlington Global Value Fund, LLC, private fund
for which TAM acts as investment advisor, has expended $1,655,163 to
acquire 35,004 Common Shares; (iii) LODH Invest US Expertise Fund, an
offshore fund for which TAM acts as investment advisor, has expended
$527,080 to acquire 12,000 Common Shares; (iv) Met Investors Series
Trust of the Third Avenue Small Cap Portfolio, an investment company
registered under the Investment Company Act of 1940, has expended
$46,843,014 to acquire 1,054,883 Common Shares; (v) OFI Select-Third
Avenue US Equity Fund (SICAV), an offshore fund for which TAM acts as
investment advisor, has expended $2,906,306 to acquire 60,607 Common
Shares; (vi) Third Avenue Small Cap Value Fund, an investment company
registered under the Investment Company Act of 1940, has expended
$64,957,925 to acquire 1,464,105 Common Shares; (vii) Touchstone
Variable Series Trust-Touchstone Third Avenue Value Fund, an
investment company registered under the Investment Company Act of
1940, has expended $2,066,571 to acquire 45,971 Common Shares; (viii)
Third Avenue Value Portfolio of the Third Avenue Variable Series
Trust, an investment company registered under the Investment Company
Act of 1940, has expended $4,944,006 to acquire 112,500 Common Shares;
(ix) Third Avenue Vision Fund, a private fund for which TAM acts as
investment advisor, has expended $173,380 to acquire 3,731 Common
Shares; and (x) various separately managed accounts for which TAM acts
as investment advisor have expended a total of $887,726 to acquire
19,825 Common Shares. TAM plans to use the available capital of these
funds and accounts in any future purchase of Common Shares.
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Item 4. Purpose of Transaction
----------------------
TAM previously acquired, on behalf of certain investment advisory
clients of TAM, Common Shares for investment purposes. TAM currently
exercises control or direction over 6.2% of the Common Shares. TAM's
purchases of Common Shares were made in the ordinary course of business.
The Common Shares over which TAM currently exercises control or direction
are beneficially owned by certain investment advisory clients of TAM on
whose behalf TAM has discretionary investment authority.
On January 29, 2007, TAM sent a letter to Paul VanWagenen, the
Chairman, President and Chief Executive Officer of the Issuer, a copy of
which is attached hereto as Exhibit A. In the letter, TAM expressed its
dissatisfaction with the results achieved by the Issuer over the last three
years. TAM is considering various alternative courses of action with
respect to its investment as described in this Item 4.
TAM intends to evaluate on an ongoing basis its investment in the
Issuer and its options with respect to such investment. From time to time,
TAM may consider the feasibility and advisability of various alternative
courses of action with respect to its investment in the Issuer including,
without limitation, (i) to hold the Common Shares as a passive investor or
as an active investor (including as a member of a "group" with other
beneficial owners of the Issuer's securities), (ii) to acquire beneficial
ownership of additional securities of the Issuer in the open market, in
privately negotiated transactions or otherwise, or (iii) to dispose of, or
cause to be disposed, any or all of the Common Shares held by it at any
time. In connection with its evaluation, TAM may seek to meet with the
board of directors and/or members of senior management or communicate
publicly or privately with other stockholders or third parties to indicate
its views on issues relating to the strategic direction undertaken by the
Issuer and other matters of interest to stockholders generally. As part of
any such discussions, TAM may suggest changes in, or take positions
relating to, the strategic direction of the Issuer as a means of enhancing
shareholder value. Such suggestions or positions may be related to one or
more of the transactions specified in clauses (a) through (j) of Item 4 of
the Schedule 13D, including: changes in the composition of the Issuer's
board of directors or management, including an increase in the size of the
Issuer's board of directors or in the nominees offered to fill any then
existing vacancies on such board, changes to the Issuer's certificate of
incorporation or bylaws, changes in the Issuer's capitalization or dividend
policy, the acquisition or disposition of additional securities of the
Issuer and the sale of material assets or another extraordinary corporate
transaction, including a sale transaction.
TAM intends to review its investment in the Issuer on a continuing
basis and, depending upon the price and availability of the Issuer's
securities, subsequent developments concerning the Issuer, the Issuer's
business and prospects, other investment and business opportunities
available to TAM, general stock market and economic conditions, tax
considerations and other factors considered relevant, may decide at any
time to increase or decrease the size of its investment in the Issuer or to
sell any or all of the securities of the Issuer that it holds.
Item 5. Interest in Securities of the Issuer
------------------------------------
(a-b) The aggregate number and percentage of Common Shares to which
this Schedule 13D relates is 3,609,309 Common Shares, constituting
approximately 6.2% of the 58,389,247 Common Shares outstanding.
A. AEGON/Transamerica Series-Third Avenue Value Portfolio
------------------------------------------------------
(a) Amount beneficially owned: 406,892 Common Shares.
(b) Percent of class: 0.7%
(c) Number of Common Shares as to which TAM has:
(i) Sole power to vote or direct the vote: 406,892
(ii) Shared power to vote or direct the vote: 0
(iii) Sole power to dispose or direct the disposition: 406,892
(iv) Shared power to dispose or direct the disposition: 0
B. AIC Corporate Fund Inc.
-----------------------
(a) Amount beneficially owned: 393,791 Common Shares.
(b) Percent of class: 0.7%
(c) Number of Common Shares as to which TAM has:
(i) Sole power to vote or direct the vote: 393,791
(ii) Shared power to vote or direct the vote: 0
(iii) Sole power to dispose or direct the disposition: 393,791
(iv) Shared power to dispose or direct the disposition: 0
C. Arlington Global Value Fund, LLC
--------------------------------
(a) Amount beneficially owned: 35,004 Common Shares.
(b) Percent of class: 0.1%
(c) Number of Common Shares as to which TAM has:
(i) Sole power to vote or direct the vote: 35,004
(ii) Shared power to vote or direct the vote: 0
(iii) Sole power to dispose or direct the disposition: 35,004
(iv) Shared power to dispose or direct the disposition: 0
D. LODH Invest US Expertise Fund
-----------------------------
(a) Amount beneficially owned: 12,000 Common Shares.
(b) Percent of class: 0.1%
(c) Number of Common Shares as to which TAM has:
(i) Sole power to vote or direct the vote: 12,000
(ii) Shared power to vote or direct the vote: 0
(iii) Sole power to dispose or direct the disposition: 12,000
(iv) Shared power to dispose or direct the disposition: 0
E. Met Investors Series Trust of the Third Avenue Small Cap Portfolio
------------------------------------------------------------------
(a) Amount beneficially owned: 1,054,883 Common Shares.
(b) Percent of class: 1.8%
(c) Number of Common Shares as to which TAM has:
(i) Sole power to vote or direct the vote: 1,054,883
(ii) Shared power to vote or direct the vote: 0
(iii) Sole power to dispose or direct the disposition: 1,054,883
(iv) Shared power to dispose or direct the disposition: 0
F. OFI Select-Third Avenue US Equity Fund (SICAV)
----------------------------------------------
(a) Amount beneficially owned: 60,607 Common Shares.
(b) Percent of class: 0.1%
(c) Number of Common Shares as to which TAM has:
(i) Sole power to vote or direct the vote: 60,607
(ii) Shared power to vote or direct the vote: 0
(iii) Sole power to dispose or direct the disposition: 60,607
(iv) Shared power to dispose or direct the disposition: 0
G. Third Avenue Small Cap Value Fund
---------------------------------
(a) Amount beneficially owned: 1,464,105 Common Shares.
(b) Percent of class: 2.5%
(c) Number of Common Shares as to which TAM has:
(i) Sole power to vote or direct the vote: 1,464,105
(ii) Shared power to vote or direct the vote: 0
(iii) Sole power to dispose or direct the disposition: 1,464,105
(iv) Shared power to dispose or direct the disposition: 0
H. Touchstone Variable Series Trust-Touchstone Third Avenue Value Fund
-------------------------------------------------------------------
(a) Amount beneficially owned: 45,971 Common Shares.
(b) Percent of class: 0.1%
(c) Number of Common Shares as to which TAM has:
(i) Sole power to vote or direct the vote: 45,971
(ii) Shared power to vote or direct the vote: 0
(iii) Sole power to dispose or direct the disposition: 45,971
(iv) Shared power to dispose or direct the disposition: 0
I. Third Avenue Value Portfolio of the Third Avenue Variable Series Trust
----------------------------------------------------------------------
(a) Amount beneficially owned: 112,500 Common Shares.
(b) Percent of class: 0.2%
(c) Number of Common Shares as to which TAM has:
(i) Sole power to vote or direct the vote: 112,500
(ii) Shared power to vote or direct the vote: 0
(iii) Sole power to dispose or direct the disposition: 112,500
(iv) Shared power to dispose or direct the disposition: 0
J. Third Avenue Vision Fund
------------------------
(a) Amount beneficially owned: 3,731 Common Shares.
(b) Percent of class: 0.1%
(c) Number of Common Shares as to which TAM has:
(i) Sole power to vote or direct the vote: 3,731
(ii) Shared power to vote or direct the vote: 0
(iii) Sole power to dispose or direct the disposition: 3,731
(iv) Shared power to dispose or direct the disposition: 0
K. Third Avenue Management Separately Managed Accounts
---------------------------------------------------
(a) Amount beneficially owned: 19,825 Common Shares.
(b) Percent of class: 0.1%
(c) Number of Common Shares as to which TAM has:
(i) Sole power to vote or direct the vote: 19,825
(ii) Shared power to vote or direct the vote: 0
(iii) Sole power to dispose or direct the disposition: 19,825
(iv) Shared power to dispose or direct the disposition: 0
(c) A list of the transactions in the Issuer's Common Shares that were
effected by TAM during the past sixty days is attached as Schedule A hereto
and is incorporated herein by reference. All of the transactions listed on
Schedule A were effected in the open market.
(d) No other person is known to have the right to receive or the power
to direct the receipt of dividends from, or the proceeds from the sale of,
such Common Shares other than the funds and accounts identified above.
(e) Not applicable.
Item 6. Contracts, Arrangements, Understandings or Relationships with Respect
to Securities of the Issuer
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Except as otherwise set forth herein, TAM does not have any contract,
arrangement, understanding or relationship with any person with respect to
any securities of the Issuer.
Item 7. Material to be Filed as an Exhibit
----------------------------------
The following documents are filed as exhibits:
Exhibit A: Letter to Paul VanWagenen, the President and Chief Executive
Officer of the Issuer, from TAM dated January 29, 2007.
Schedule A: List of the transactions in the Issuer's Common Shares that
were effected by TAM during the past sixty days.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete
and correct.
Dated: January 29, 2007
THIRD AVENUE MANAGEMENT LLC
By: /s/ W.James Hall
---------------------------------
Name: W. James Hall
Title: General Counsel
Exhibit A
[Third Avenue Management LLC Letterhead]
January 29, 2007
Mr. Paul G. Van Wagenen
Chairman, President and Chief Executive Officer
Pogo Producing Company
5 Greenway Plaza, Suite 2700
Houston, TX 77046
Dear Mr. Van Wagenen:
Third Avenue Management LLC ("TAM"), on behalf of its advisory clients,
currently owns 3.6 million common shares of Pogo Producing Company
("Pogo"), representing a 6.2% ownership interest. We have been Pogo
shareholders for approximately three years. TAM's philosophy is to invest
in strongly financed and well-managed companies, and we are typically
long-term supportive shareholders. When we originally invested in Pogo, it
met our stringent investment criteria. However, during the three years that
we have been shareholders, we have become increasingly disappointed with
Pogo's operating performance and with your performance as CEO.
Particularly disconcerting is the deterioration in the company's financial
position. As the table below indicates, since 2003 net debt has increased
by more than six times and net debt per mcfe of proved reserves has
increased by more than five times. While we believe that the debt load is
manageable, the apparent strategy of levering up during a period of
historically high commodity prices is troubling.
In addition, the company's operations appear to have deteriorated markedly
during the last three years. Production per share has dropped by more than
20%. On a unit of production basis, lease operating expense has increased
by 178% and G&A has tripled. It is difficult to find a peer company whose
operating costs have escalated as rapidly and to the high level that Pogo's
have. Although some increase in operating costs would have been
understandable, given industry-wide cost inflation and hurricane related
costs and production delays, the magnitude of these increases is alarming.
This combination of higher debt, lower production, higher operating costs,
and the underwhelming results from your recent acquisition of Northrock
Resources appear to have driven the poor relative performance of Pogo's
stock over the last three years. Since the end of 2003, Pogo's stock is
down 1% while the S&P Midcap Oil and Gas Exploration and Production Index
is up 78%. In May 2006, Moody's acknowledged the company's deterioration by
downgrading Pogo's Corporate Family Rating to Ba3 from Ba2 citing "rising
unsustainable reserve replacement costs, inconsistent production trends,
and a sharp decline in organic reserve replacement."
It is readily apparent from the numbers contained in the chart below that
Pogo is clearly in need of stronger leadership and a new strategic
direction.
POGO PRODUCING COMPANY
OPERATING DATA(1)
YEAR TO
---------------
DATE(2)
LEVERAGE 2003 ---- (2)
-------- ----
Net debt (millions) 309 2,111
Net debt per mcfe of proved reserves $0.18 $0.97
Net debt per share $4.82 $36.39
OPERATING RESULTS
-----------------
Daily average production (boe per day) 115,713 83,237
Daily average production per share (3) 1,808 1,435
Lease operating expense (per mcfe) $0.49 $1.41
G&A (per mcfe) $0.24 $0.72
Proved reserves (bcfe)(4) 1,702 2,174
Reserves per share (mcfe) 27 37
Diluted shares (millions) 64 58
STOCK PERFORMANCE 12/31/2003 1/26/2007
----------------- ---------- ---------
Pogo Producing Co. $48.30 $47.77
S&P Midcap Oil & Gas E&P Index 200.00 356.32
(1) Derived from public sources.
(2) September 30, 2006.
(3) Boe per day per million shares.
(4) Pro-forma 2005 reserves for the Latigo acquisition and GOM sale. Does
not include any reserve additions or revisions in 2006.
Despite Pogo's poor performance over the past several years, your
compensation has been rising. In 2005, you received an 11.8% increase in
your base salary and your bonus grew by 25%. You also received a restricted
stock award valued at approximately $2 million, up 55% compared to 2004. We
believe that if Pogo's compensation structure were tied more closely to
performance, these significant increases would not have occurred. These
increases are even more concerning because they serve to increase the
already overly generous termination provisions of your employment
agreement, which provides, among other things, that in the event of a
termination due to a change of control, you will receive lump sum payments
of five years' salary and bonus plus an amount equal to four times the fair
market value on the grant date of your most recent equity award.
We have no doubt that the value of Pogo and its business is substantial. To
date, however, you have not been able to maximize shareholder value. It is
clearly time for a change in direction. As a result, we are notifying you
that we are actively considering the various alternative courses of action
with respect to our investment as described in item 4 of our recent
Schedule 13D filing, which we may undertake alone or with others, in an
attempt to generate a better return for TAM as well as for all of Pogo's
shareholders.
Sincerely,
/s/ Curtis Jensen /s/ Ian Lapey
------------------- ---------------
Curtis Jensen Ian Lapey
Portfolio Manager, Co-Chief Investment Officer Portfolio Manager
Schedule A
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PRICE PER
NATURE OF TRADE TRANSACTION QUANTITY OF SHARE OR
FUND (PURCHASE OR SELL) DATE SHARES UNIT($)
---------------------------------------------------------------------------------------------------------------------
AIC Global Focus Corporate Class SELL 11/21/06 3000 51.24
AIC Global Focus Corporate Class SELL 12/01/06 3000 52.84
Third Ave Vision Fund LP PURCHASE 12/18/06 100 49.28
OFI Single Select US Equity PURCHASE 01/03/07 3000 47.34
Metlife Third Avenue Small-Cap Value Portfolio PURCHASE 01/03/07 20000 46.49
Third Ave Vision fund LP PURCHASE 01/03/07 200 46.58
Arlington Global Value Fund LP PURCHASE 01/04/07 1000 45.37
Third Ave Vision Fund LP PURCHASE 01/04/07 400 45.55
Third Avenue Separately Management Account PURCHASE 01/04/07 1000 45.28
OFI Single Select US Equity PURCHASE 01/09/07 1936 44.74
Metlife Third Avenue Small-Cap Value Portfolio PURCHASE 01/09/07 19364 44.74
OFI Single Select US Equity PURCHASE 01/10/07 4000 45.09
Arlington Global Value Fund LP PURCHASE 01/10/07 1500 45.14
Third Ave Vision Fund LP PURCHASE 01/10/07 250 44.95
AIC Global Focus Trust PURCHASE 01/11/07 7052 44.72
AIC Global Focus Corporate Class PURCHASE 01/11/07 2351 44.72
OFI Single Select US Equity PURCHASE 01/11/07 1410 44.72
Aegon Transamerica Third Avenue Value Fund PURCHASE 01/11/07 11753 44.72
Metlife Third Avenue Small-Cap Value Portfolio PURCHASE 01/11/07 11753 44.72
Touchstone Variable Series Trust Third Avenue Value Fund PURCHASE 01/11/07 1410 44.72
Third Ave Vision Fund LP PURCHASE 01/11/07 300 44.76
AIC Global Focus Trust PURCHASE 01/16/07 15000 45.26
AIC Global Focus Corporate Class PURCHASE 01/16/07 5000 45.26
OFI Single Select US Equity PURCHASE 01/16/07 3000 45.26
Aegon Transamerica Third Avenue Value Fund PURCHASE 01/16/07 25000 45.26
Metlife Third Avenue Small-Cap Value Portfolio PURCHASE 01/16/07 25000 45.26
Touchstone Variable Series Trust Third Avenue Value Fund PURCHASE 01/16/07 3000 45.26
Arlington Global Value Fund LP PURCHASE 01/17/07 4000 45.89
Third Avenue Separately Management Account PURCHASE 01/17/07 1000 45.81
Third Avenue Separately Management Account PURCHASE 01/17/07 1,000 45.90
Aegon Transamerica Third Avenue Value Fund PURCHASE 01/18/07 31346 45.54
Touchstone Variable Series Trust Third Avenue Value Fund PURCHASE 01/18/07 3761 45.54
Metlife Third Avenue Small-Cap Value Portfolio PURCHASE 01/18/07 31346 45.54
AIC Global Focus Trust PURCHASE 01/18/07 18807 45.54
AIC Global Focus Corporate Class PURCHASE 01/18/07 6269 45.54
OFI Single Select US Equity PURCHASE 01/18/07 3761 45.54
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