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Press release from PR Newswire

SHAREHOLDER ALERT: The Law Firm of Levi & Korsinsky, LLP Announces Investigation of Plains Exploration & Production Company and McMoRan Exploration Co.

Wednesday, December 05, 2012

SHAREHOLDER ALERT: The Law Firm of Levi & Korsinsky, LLP Announces Investigation of Plains Exploration & Production Company and McMoRan Exploration Co.20:12 EST Wednesday, December 05, 2012NEW YORK, Dec. 5, 2012 /PRNewswire/ --Plains Exploration & Production Company   Levi & Korsinsky is investigating the Board of Directors of Plains Exploration & Production 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).(Logo: http://photos.prnewswire.com/prnh/20120409/MM84375LOGO )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. At least one analyst set a price target for PXP stock at $78.00 per share. McMoRan Exploration Co.   Levi & Korsinsky is investigating the Board of Directors of McMoRan Exploration Co. (NYSE: MMR) 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. (NYSE: FCX). Click here to learn how to join the action: http://zlk.9nl.com/mcmoran-exploration-mmr/, or call: 877-363-5972. Under the terms of the transaction, MMR shareholders will receive $14.75 in cash and 1.15 units of a royalty trust for each share they hold; the trust will hold a 5% royalty interest in future production from MMR exploration properties in ultra-deepwater territories. The transaction values MMR at $3.4 billion in cash. At least one analyst set a price target for MMR stock at $21.00 per share.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.  For more information, please feel free to contact any of the attorneys listed below. Attorney advertising. Prior results do not guarantee similar outcomes.CONTACT:     Levi & Korsinsky, LLP   Joseph Levi, Esq.    Eduard Korsinsky, Esq.    30 Broad Street - 24th Floor    New York, NY 10004    Tel: (212) 363-7500   Toll Free:  (877) 363-5972   Fax: (866) 367-6510  www.zlk.com    SOURCE Levi & Korsinsky, LLP