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Press release from Business Wire

SHAREHOLDER ALERT: Levi & Korsinsky, LLP Announces Investigation into Possible Breaches of Fiduciary Duty by the Board of Plains Exploration & Production Company in Connection the Sale of the Company

Wednesday, December 05, 2012

SHAREHOLDER ALERT: Levi & Korsinsky, LLP Announces Investigation into Possible Breaches of Fiduciary Duty by the Board of Plains Exploration & Production Company in Connection the Sale of the Company17:11 EST Wednesday, December 05, 2012 NEW YORK (Business Wire) -- Levi & Korsinsky is investigating the Board of Directors of Plains Exploration & Production Company (“PXP” or the “Company”) (NYSE: PXP) for possible breaches of fiduciary duty and other violations of state law in connection with the sale of the Company to Freeport-McMoRan Copper & Gold Inc. (“FCX”) (NYSE: FCX). Click here to learn more about the investigation: http://zlk.9nl.com/plains-exploration-pxp/, or call: 877-363-5972. There is no cost or obligation to you. Under the terms of the transaction, PXP shareholders will receive 0.6531 shares of FCX common stock and $25.00 in cash for each share of PXP stock they own, representing a total consideration of $50.00 per PXP share. The investigation concerns whether the PXP Board of Directors breached their fiduciary duties to stockholders by failing to adequately shop the Company before entering into this agreement with FCX. In particular, at least one analyst set a price target for PXY stock at $78.00 per share. If you own common stock in PXP and wish to obtain additional information, please contact Joseph E. Levi, Esq. either via email at jlevi@zlk.com or by telephone at (212) 363-7500, toll-free: (877) 363-5972, or visit http://zlk.9nl.com/plains-exploration-pxp/. Levi & Korsinsky is a national firm with offices in New York and Washington D.C. The firm has extensive expertise in prosecuting securities litigation involving financial fraud, representing investors throughout the nation in securities and shareholder lawsuits. Attorney advertising. Prior results do not guarantee similar outcomes. Levi & Korsinsky, LLPJoseph Levi, Esq., 212-363-7500Toll Free: 877-363-5972Fax: 866-367-6510www.zlk.com