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Tuesday, April 24, 2012

PXP Announces Offering Of $500 Million Of Senior Notes

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Plains Exploration & Production Company (NYSE: PXP) announced today that it intends to offer, subject to market and other conditions, $500 million of Senior Notes due 2019 in an underwritten public offering. The offering will be made under PXP's shelf registration statement, which became effective immediately upon filing with the Securities and Exchange Commission on March 5, 2010.

Net proceeds from the offering are expected to be used to repay amounts outstanding under PXP's senior revolving credit facility and for general corporate purposes, including the redemption of all $76.9 million aggregate principal amount of PXP's Senior Notes due 2017 that remain outstanding.

This press release does not constitute a notice of redemption of the Senior Notes due 2017. Notice of redemption, if and when given, will be made separately in accordance with the terms of the Senior Notes due 2017.

An electronic copy of the preliminary prospectus supplement and accompanying base prospectus may also be obtained at no charge at the Securities and Exchange Commission's website at

This press release does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these 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.

Visit the Plains Exp. and Prod. investors Page for more info

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