Nuevo Energy Extends Tender Offer for Senior Notes

Nuevo Energy Company, a wholly owned subsidiary of Plains Exploration & Production Company (NYSE: PXP), has extended the expiration date for its pending cash tender offer for its outstanding 9 3/8% Senior Subordinated Notes due 2010 (CUSIP number 670509AJ7) (the "Notes") to 12:00 midnight, New York City time, on Monday, June 28, 2004.

The tender offer, which originally commenced on May 17, 2004, was scheduled to expire at midnight, New York City time, on Monday, June 14, 2004, unless extended.

As a result of the extension, holders of the Notes will be entitled to tender their Notes pursuant to the offer until 12:00 midnight, New York City time, on Monday, June 28, 2004. The extension does not amend or waive any term or condition of the tender offer other than the time of expiration.

Under the terms of the tender offer, withdrawal rights for the Notes have now terminated, and holders of the Notes may no longer withdraw tendered Notes. The terms of the tender offer, including the conditions to Nuevo's obligations to accept any Notes for payment, are set forth in Nuevo's "Offer to Purchase and Consent Solicitation Statement" dated May 17, 2004.

As of June 11, 2004, approximately $149,918,000 aggregate principal amount of Notes had been tendered for purchase and not withdrawn.

J.P. Morgan Securities Inc. is the dealer manager for the tender offer. Questions or requests for assistance may be directed to J.P. Morgan Securities Inc. (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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