PXP Posts Early Tender Offer Results for Senior Notes

Plains Exploration & Production announced the early tender results of its previously announced cash tender offer to purchase any and all of the $600 million outstanding principal amount of its 7 3/4 percent Senior Notes due 2015 (the "notes").

As of 5:00 p.m., New York City time, on November 30, 2011 (the "early tender time"), $521,758,000 in aggregate principal amount, or approximately 87 percent of the aggregate principal amount outstanding, of the notes had been validly tendered and not withdrawn (the "early tendered notes"). On November 30, 2011, PXP accepted for payment all of the early tendered notes. PXP will pay the total consideration of $1,041.25 for each $1,000 principal amount of the early tendered notes, plus any accrued and unpaid interest on such notes up to, but not including, December 1, 2011, the payment date for the early tendered notes. This amount included an early tender premium of $10.00 per $1,000 principal amount of early tendered notes.

The cash tender offer for the notes remains open and will expire at 5:00 p.m., New York City time, on December 15, 2011 (the "expiration time"), unless extended or earlier terminated. Holders who validly tender notes after the early tender time but before the expiration time will receive tender consideration of $1,031.25 for each $1,000 principal amount of such notes accepted for purchase, plus any accrued and unpaid interest on such notes up to, but not including, the day of payment and will not be entitled to receive the early tender premium.

Except as required by law, tendered notes may not be withdrawn unless the tender offer is terminated without any notes being purchased thereunder.