PXP Announces Public Offering of 15MM Shares of Common Stock

Plains Exploration & Production announced a registered underwritten public offering of 15,000,000 shares of its common stock. PXP will grant the underwriters a 30-day option to purchase up to 2,250,000 additional shares of common stock from PXP.

Net proceeds from the offering are expected to be used for general corporate purposes, including to fund a portion of the payment of the remaining drilling carry under our agreement with Chesapeake Energy Corporation covering our Haynesville acreage.