PXP Prices Public Offering of Common Stock
August 06 2009 - 6:09PM
PR Newswire (US)
HOUSTON, Aug. 6 /PRNewswire-FirstCall/ -- Plains Exploration &
Production Company (NYSE:PXP) today announced that it has priced
its public offering of 15,000,000 shares of its common stock. PXP
has priced the offering at $24.00 per share to the public and
granted the underwriters a 30-day option to purchase up to an
additional 2,250,000 shares of common stock. The offering is
expected to settle on August 12, 2009, subject to customary closing
conditions. Net proceeds from the offering are expected to be used
for general corporate purposes, including to fund a portion of the
payment of the remaining drilling carry under PXP's agreement with
Chesapeake Energy Corporation covering its Haynesville acreage.
Goldman, Sachs & Co., Barclays Capital Inc., J.P. Morgan
Securities Inc. and UBS Securities LLC are acting as joint
book-running managers of the offering. The offering will be made
only by means of a prospectus supplement and accompanying base
prospectus, copies of which may be obtained from: Goldman, Sachs
& Co., 85 Broad Street, New York, New York 10004, Attention:
Prospectus Department (phone: 212.902.1171 and fax: 212.902.3000);
Barclays Capital Inc., c/o Broadridge, Integrated Distribution
Services, 1155 Long Island Avenue, Edgewood, New York 11717 (phone:
888.603.5847 and email: ); J.P. Morgan Securities Inc., 4 Chase
Metrotech Center, CS Level, Brooklyn, New York 11245, Attention:
Chase Distribution and Support Service, Northeast Statement
Processing (phone: 718.242.8002 and fax: 718.242.8003); or UBS
Securities LLC, Attention: Prospectus Department, 299 Park Avenue,
New York, New York 10171 (phone: 888.827.7275). A copy of the final
prospectus supplement and accompanying base prospectus may also be
obtained at no charge at the Securities and Exchange Commission's
website, at http://www.sec.gov/. This press release does not
constitute an offer to sell or a solicitation of an offer to buy
the shares of common stock or any other securities, nor will there
be any sale of the shares of common stock or any other 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. 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 statements.
These include statements regarding: * completion of proposed
offering, * 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 the year ended December 31, 2008,
and our Form 10-Q, for the quarterly period ended June 30, 2009,
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 for any obligation to disclose material
information under the Federal securities laws, we do not intend to
update these forward-looking statements and information.
DATASOURCE: Plains Exploration & Production Company CONTACT:
Investors, Hance Myers, +1-713-579-6291, , or Media, Scott Winters,
+1-713-579-6190, , both of Plains Exploration & Production
Company Web Site: http://www.pxp.com/
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