PXP Completes Sale of Non-Core Properties

Plains Exploration & Production Company has completed the sale of various non-core properties located offshore California and onshore South Texas for total cash consideration of $139.9 million. In addition, PXP expects to receive cash proceeds of $13.4 million on December 31, 2004 held in escrow from the auction of certain other properties in South Texas and New Mexico. This will complete the property divestiture program announced on September 30, 2004.

Proceeds from these sales will be used to reduce debt outstanding under PXP's revolving credit facility.

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