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

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Plains Exploration & Production Company(NYSE: PXP) announced today that it has commenced cash tender offers topurchase any and all of the $600 million outstanding principal amount of our 73/4% Senior Notes due 2015 and up to $400 million outstanding principal amountof our 7% Senior Notes due 2017. The offers will expire at 5:00 p.m., New YorkCity time, on December 15, 2011 (the "expiration time"), unless extended orearlier terminated. We plan to increase the outstanding principal amount ofour 2017 Notes that we are offering to purchase from $400 million to $500million after receipt of an amendment of our senior revolving credit facilityfrom the lenders thereunder.

27% profits every 20 days?

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