Nuevo Energy's Tender Offer Expires

Nuevo Energy Company, a wholly owned subsidiary of Plains Exploration & Production Company (NYSE: PXP), announced that, as part of its previously announced tender offer and consent solicitation for its outstanding 9 3/8% Senior Subordinated Notes due 2010 (the "Notes"), as of 5:00 p.m., New York City time, it received the requisite consents of holders of the Notes to approve the proposed amendments to the indenture governing the Notes. As of the close of business today, $149.9 million in aggregate principal of Notes have been tendered for payment.

Holders of Notes may continue to tender their Notes in the tender offer, which will expire at 12:00 midnight, New York City time, on Monday, June 14, 2004, unless extended or earlier terminated by Nuevo. The total consideration payable for each $1,000 principal amount of Notes (including the related consent payment) will be $1,127.16 plus accrued and unpaid interest on the Note up to, but not including, the date of payment therefore.

The terms of the tender offer and consent solicitation, including the conditions to Nuevo's obligations to accept any Notes for payment and to make any consent payments, are set forth in Nuevo's "Offer to Purchase and Consent Solicitation Statement" dated May 17, 2004. Nuevo may amend, extend or terminate the tender offer and consent solicitation at any time in its sole discretion.

JP Morgan Securities is the dealer manager and consent solicitation agent for the tender offer. Questions or requests for assistance may be directed to JP Morgan Securities (telephone: 800-245-8812 or 212-270-9153). Requests for documentation may be directed to Georgeson Shareholder Communications, the information agent (telephone: 212-440-9800 (for banks and brokers only) or 800-262-0158 (for all others toll-free)).

PXP is an independent oil and gas company primarily engaged in the upstream activities of acquiring, exploiting, developing and producing oil and gas in its core areas of operation: onshore and offshore California, West Texas, East Texas and the Gulf Coast region of the United States. PXP is headquartered in Houston, Texas.
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