PXP Gains Support for Pogo Acquisition

Plains Exploration & Production says that Fir Tree has agreed to support PXP's proposed acquisition of Pogo Producing Company.

Fir Tree Partners will vote its shares in support of the acquisition proposal based on PXP's continued commitment to implement, following the acquisition, its proven asset rationalization program combined with an ongoing significant share repurchase program and evaluate the necessary steps to achieve MLP valuations by forming a master limited partnership or using the MLP market to unlock value for shareholders.

Andrew Fredman of Fir Tree Partners said, "After a number of constructive conversations, we are pleased to have come to an amicable resolution regarding the Pogo acquisition and look forward to Plains Exploration's implementation of these post-acquisition measures. We believe these measures are the most effective steps to creating value for shareholders. In light of Plains Exploration's commitments, we are happy to support the Pogo acquisition and plan to vote our shares in favor of it. Jim Flores and his management team have demonstrated a superb long-term record of value creation and we believe that the articulated strategy will help ensure that their superior record continues forward."

James Flores of Plains Exploration said, "We appreciate Fir Tree's support of the Pogo acquisition, which will enable PXP to continue its stated course of action of increasing shareholder value."

PXP is an independent oil and gas company primarily engaged in the upstream activities of acquiring, developing, exploiting, exploring and producing oil and gas in its core areas of operation: onshore and offshore California, Colorado, and the Gulf Coast region of the United States. PXP is headquartered in Houston, Texas.