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