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Press release from PR Newswire

PXP Completes Acquisition of Gulf of Mexico Assets

Friday, November 30, 2012

PXP Completes Acquisition of Gulf of Mexico Assets09:38 EST Friday, November 30, 2012HOUSTON, Nov. 30, 2012 /PRNewswire/ -- Plains Exploration & Production Company (NYSE:PXP) reports it has closed the previously announced acquisition of interests in certain deepwater Gulf of Mexico oil and gas properties from BP Exploration & Production Inc. and BP America Production Company (collectively, "BP"). In addition to the acquisition of assets from BP, PXP closed the previously announced acquisition of certain oil and natural gas interests in the Holstein Field located in the Gulf of Mexico from Shell Offshore Inc. ("Shell"). The BP and Shell transactions were funded with borrowings under PXP's senior secured revolving and term loan credit facility and net proceeds from the senior notes issued in October 2012. Both transactions are subject to customary post-closing adjustments. 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.SOURCE Plains Exploration & Production CompanyFor further information: Hance Myers, hmyers@pxp.com, +1-713.579.6291