PXP Announces Cash Tender Offers for 7 3/4% Senior Notes Due 2015 and 7% Senior Notes Due 2017

Plains Exploration & Production Company

announced today that it has commenced cash tender offers to purchase any and all of the $600 million outstanding principal amount of our 7 3/4% Senior Notes due 2015 and up to $400 million outstanding principal amount of our 7% Senior Notes due 2017. The offers will expire at 5:00 p.m., New York City time, on December 15, 2011 (the "expiration time"), unless extended or earlier terminated. We plan to increase the outstanding principal amount of our 2017 Notes that we are offering to purchase from $400 million to $500 million after receipt of an amendment of our senior revolving credit facility from the lenders thereunder.