HOUSTON, Aug. 6 /PRNewswire-FirstCall/ -- Plains Exploration & Production Company (NYSE: PXP) today announced that it has priced its public offering of 15,000,000 shares of its common stock. PXP has priced the offering at $24.00 per share to the public and granted the underwriters a 30-day option to purchase up to an additional 2,250,000 shares of common stock. The offering is expected to settle on August 12, 2009, subject to customary closing conditions. 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 PXP's agreement with Chesapeake Energy Corporation covering its Haynesville acreage.

Goldman, Sachs & Co., Barclays Capital Inc., J.P. Morgan Securities Inc. and UBS Securities LLC are acting as joint book-running managers of the offering. The offering will be made only by means of a prospectus supplement and accompanying base prospectus, copies of which may be obtained from: Goldman, Sachs & Co., 85 Broad Street, New York, New York 10004, Attention: Prospectus Department (phone: 212.902.1171 and fax: 212.902.3000); Barclays Capital Inc., c/o Broadridge, Integrated Distribution Services, 1155 Long Island Avenue, Edgewood, New York 11717 (phone: 888.603.5847 and email: Barclaysprospectus@broadridge.com); J.P. Morgan Securities Inc., 4 Chase Metrotech Center, CS Level, Brooklyn, New York 11245, Attention: Chase Distribution and Support Service, Northeast Statement Processing (phone: 718.242.8002 and fax: 718.242.8003); or UBS Securities LLC, Attention: Prospectus Department, 299 Park Avenue, New York, New York 10171 (phone: 888.827.7275). A copy of the final prospectus supplement and accompanying base prospectus may also be obtained at no charge at the Securities and Exchange Commission's website, at www.sec.gov.

This press release does not constitute an offer to sell or a solicitation of an offer to buy the shares of common stock or any other securities, nor will there be any sale of the shares of common stock or any other securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

PXP is an independent oil and gas company primarily engaged in the activities of acquiring, developing, exploring and producing oil and gas in California, Texas, Louisiana and the Gulf of Mexico. PXP is headquartered in Houston, Texas.

ADDITIONAL INFORMATION & FORWARD LOOKING STATEMENTS

This press release contains forward-looking information regarding PXP that is intended to be covered by the safe harbor "forward-looking statements" provided by the Private Securities Litigation Reform Act of 1995.