PXP Expands Gulf of Mexico Potential With Apparent High Bids on 44 Blocks in Central OCS Lease Sale 213

HOUSTON, March 22 /PRNewswire-FirstCall/ -- Plains Exploration & Production Company (NYSE: PXP) ("PXP") announced today it and its partners are apparent high bidders on 44 blocks on which it bid at the U.S. Minerals Management Service (MMS) Central Gulf of Mexico Oil and Gas Lease Sale 213, held in New Orleans last week. PXP's apparent high bids include interests in 16 shelf blocks and 28 deepwater blocks covering 16 prospects. The Company's working interests on the blocks range from 25%-100% with a net exposure of approximately $34 million. PXP expects the leases to be awarded over the next several months subject to MMS review and approval.

In the South Timbalier, Ship Shoal, Eugene Island, Vermilion and South Marsh Island Areas of Central Gulf of Mexico, PXP has a right to participate in 16 blocks in which McMoRan Exploration Company (NYSE: MMR) was the apparent high bidder. The blocks expand PXP's project inventory in the area around its Flatrock, Davy Jones and Blackbeard discoveries.

PXP submitted joint bids with Anadarko Petroleum Corporation (NYSE: APC) and Mariner Energy, Inc. (NYSE: ME), its partners at the Lucius discovery on Keathley Canyon Block 875 in the Keathley Canyon and Walker Ridge Areas of Central Gulf of Mexico. PXP partnered with both companies on 23 blocks and with Anadarko on 4 additional blocks. Additionally, PXP was the high bidder on 1 block. The apparent high bids include several drill-ready prospects, mature leads and potential development blocks which target subsalt Neogene and Paleogene reservoirs.

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. All statements included in this press release that address activities, events or developments that PXP expects, believes or anticipates will or may occur in the future are forward-looking statement. These include statements regarding:

* reserve and production estimates,

* oil and gas prices,

* the impact of derivative positions,

* production expense estimates,

* cash flow estimates,

* future financial performance,

* capital and credit market conditions,

* planned capital expenditures, and

* other matters that are discussed in PXP's filings with the SEC.

These statements are based on our current expectations and projections about future events and involve known and unknown risks, uncertainties, and other factors that may cause our actual results and performance to be materially different from any future results or performance expressed or implied by these forward-looking statements. Please refer to our filings with the SEC, including our Form 10-K, for a discussion of these risks.

All forward-looking statements in this report are made as of the date hereof, and you should not place undue reliance on these statements without also considering the risks and uncertainties associated with these statements and our business that are discussed in this report and our other filings with the SEC. Moreover, although we believe the expectations reflected in the forward-looking statements are based upon reasonable assumptions, we can give no assurance that we will attain these expectations or that any deviations will not be material. Except as required by law, we do not intend to update these forward-looking statements and information.

SOURCE Plains Exploration & Production Company

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