Stored Procedures

Hi Im new to postgre...and Im trying to make the leap from ms sql(was kinda new there too! )

How do I implement ms sql style stored procedures in postgre ? I have ms sql stored procedures like the following to insert data into a db that is called from a web form:

CREATE PROCEDURE pr_Wellogs_Insert
@iWELL_NUM int = NULL,
@sOWNER nvarchar(60) = NULL,
@siWELL_LOT smallint = NULL,
@stFrom smallint = NULL,
@stTO smallint = NULL

AS

INSERT WELLOGS
(
[WELL_NUM],
[OWNER],
[WELL_LOT]
)
VALUES
(
@iWELL_NUM,
@sOWNER,
@siWELL_LOT

if (@stFrom <> ' ')
begin insert stratigraphy3
(
[well_num],
[from],
[to]
)
values
(
@iWELL_NUM,
@stFrom,
@stTO
)
end
return

------
In pgadmin I cant even find anything called stored procedures. Also...how do I implement @@identity in postgre ?

Thanks!
Dennis