PXP Rolls Out $300 Million Senior Note Offering

Plains Exploration & Production Company has announced a $300 million offering of senior notes due in 2018. Net proceeds from the offering will be used to repay amounts currently outstanding under its revolving credit facility. The notes are expected to settle on May 23, 2008. J.P. Morgan Securities Inc., Banc of America Securities LLC, Lehman Brothers Inc. and Merrill Lynch & Co. will act as joint book-running managers for the offering. The offering will be made only by means of a prospectus and related prospectus supplement, copies of which may be obtained from J.P. Morgan Securities Inc., Banc of America Securities LLC, Lehman Brothers Inc. or Merrill Lynch & Co.

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