Stone Energy Receives Unsolicited Proposal from Energy Partners, Ltd.

Stone Energy Corporation confirmed that it received an unsolicited proposal from Energy Partners, Ltd. and said that its Board of Directors, in accordance with its duties, would consider such proposal. Stone also said that the definitive merger agreement between Stone and Plains Exploration and Production Company remains in effect.

Additional Information and Where to Find It

As previously announced, on April 23, 2006, Stone entered into a definitive merger agreement providing for a merger of Stone with PXP in a stock-for-stock transaction. Under the terms of the agreement, Stone stockholders will receive 1.25 shares of PXP common stock for each Stone share they own. In connection with the PXP transaction, Stone and PXP have filed, and will file, materials relating to the transaction with the Securities and Exchange Commission (SEC), including one or more registration statement(s)that contain a prospectus and a joint proxy statement. Investors and security holders of Stone and PXP are urged to read these documents (if and when they become available) and any other relevant documents filed with the SEC, as well as any amendments or supplements to those documents, because they will contain important information about Stone and PXP and the transaction. Investors and security holders may obtain these documents free of charge at the SEC's website at www.sec.gov. In addition, the documents filed with the SEC by Stone may be obtained free of charge from Stone's website at www.stoneenergy.com. The documents filed with the SEC by PXP may be obtained free of charge from PXP's website at www.plainsxp.com. Investors and security holders are urged to read the joint proxy statement/prospectus and the other relevant materials when they become available before making any voting or investment decision with respect to the proposed merger.

Stone, PXP and their respective executive officers and directors may be deemed to be participants in the solicitation of proxies from the stockholders of Stone and PXP in connection with the PXP merger. Information about the executive officers and directors of Stone and their direct or indirect interests, by security holdings or otherwise, in the merger will be set forth in the proxy statement/prospectus relating to the merger when it becomes available. Information about the executive officers and directors of PXP and their direct or indirect interests, by security holdings or otherwise, in the merger will be set forth in the proxy statement/prospectus relating to the merger when it becomes available.

Stone is an independent oil and gas company headquartered in Lafayette, Louisiana, and is engaged in the acquisition and subsequent exploration, development, operation and production of oil and gas properties located in the conventional shelf of the Gulf of Mexico (GOM), deep shelf of the GOM, deep water of the GOM, Rocky Mountain basins and the Williston Basin. For additional information, please contact Kenneth H. Beer, Senior Vice President and Chief Financial Officer, at 337-521-2210-phone, 337-237-0426-fax or via e-mail at CFO@StoneEnergy.com.

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