PXP Completes Divestiture of California and Texas Assets

Plains Exploration & Production Company has completed the sale of certain oil and gas properties located onshore California and in West Texas on September 29, 2006 for total cash consideration of approximately $865 million. The transaction is effective October 1, 2006 and the Company expects to record a gain in the third quarter.

OUTLOOK

PXP intends to issue operating and financial guidance for the fourth quarter 2006 via Form 8-K to reflect the impact of this property sale. The Company is also increasing its estimate of 2006 total capital spending from $526 million to $610 million, including capitalized G&A and interest. This change primarily reflects additional investments in the deepwater Gulf of Mexico.

The previously announced transaction to sell certain deepwater Gulf of Mexico assets is on schedule to close early November 2006.

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