Plains Exploration Increases, Prices Public Offering of Common Stock
Plains Exploration & Production Company has increased its previously announced offering of 10,000,000 shares of its common stock to 12,000,000 shares and has priced the offering at $18.70 per share to the public.
PXP has granted the underwriters a 30-day option to purchase up to an additional 1,800,000 shares of common stock. The offering is expected to settle and close on April 27, 2009, subject to customary closing conditions. Net proceeds from the offering are expected to be used for general corporate purposes, including future capital expenditures.
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