PXP and Pogo Report Results of Elections for Merger Consideration

Plains Exploration & Production and Pogo Producing reports the preliminary results of elections made by Pogo stockholders as to the form of merger consideration to be received in the pending merger of Pogo and PXP Acquisition LLC, a subsidiary of PXP. Of the 58,880,225 shares of Pogo stock outstanding as of the election deadline of 5:00 p.m., Eastern time, on November 5, 2007:

-- 25,757,516 of the shares, or 43.75%, elected to receive cash;

-- 25,843,640 of the shares, or 43.89%, elected to receive PXP stock; and

-- 7,279,069 of the shares, or 12.36%, did not make a valid election.

The elections with respect to 664,275 of the foregoing cash election shares and 5,120,358 of the foregoing stock election shares were made pursuant to the notice of guaranteed delivery procedure, which requires the delivery of the Pogo share certificates representing such shares (or a confirmation evidencing the book-entry transfer of such shares) to the exchange agent by 5:00 p.m., Eastern time, on November 8, 2007. If the exchange agent does not receive the required certificates or confirmation by this guaranteed delivery deadline, with respect to any such election, the Pogo shares subject to such election will be treated as shares that did not make a valid election.

The total amount of cash and shares of Plains common stock that will be paid and issued, respectively, pursuant to the merger is fixed, and Pogo stockholders will be entitled to receive (on an aggregate basis) 0.68201 shares of Plains common stock, par value $0.01 per share, and $24.88 in cash for each share of Pogo common stock. If the necessary stockholder approvals are obtained, payment of actual consideration upon closing of the merger (which depends upon the number of shares of Pogo common stock outstanding immediately prior to the merger) will be announced after the closing.