HOUSTON, March 24, 2011 /PRNewswire/ -- Plains Exploration
& Production Company (NYSE: PXP) announced today that it
intends to offer, subject to market and other conditions, senior
notes due in 2021 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
indebtedness under PXP's senior revolving credit facility and for
general corporate purposes.
J.P. Morgan Securities LLC, Barclays Capital Inc., BNP Paribas
Securities Corp., BMO Capital Markets Corp., Wells Fargo
Securities, LLC and Scotia Capital (USA) Inc. are acting as 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: J.P. Morgan Securities LLC, 383 Madison
Avenue, 27th Floor, New York, NY
10179 (phone: 212-270-6366); Barclays Capital Inc., c/o Broadridge
Financial Solutions, 1155 Long Island Ave., Edgewood, NY 11717 (phone: 888-603-5847;
e-mail: barclaysprospectus@broadridge.com); BNP Paribas Securities
Corp., 787 Seventh Avenue, Floor 7, New
York, NY 10019 (phone: 800-854-5674); BMO Capital Markets
Corp., Attention: Maya Patel, 3
Times Square, 28th Floor, New York,
NY 10036 (phone: 212-702-1882; e-mail: maya.patel@bmo.com);
Wells Fargo Securities, LLC, Attn: Client Support, MAC D1086-070,
550 South Tryon Street, 7th Floor, Charlotte, NC 28202 (phone: 800-326-5897;
e-mail: cmclientsupport@wellsfargo.com); and Scotia Capital
(USA) Inc., One Liberty Plaza, 165 Broadway, 25th Floor,
New York, NY 10006 (phone:
212-225-5501).
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
http://www.sec.gov.
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.
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 and Louisiana. 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,
* the value and completion of the separation of our
Gulf of Mexico deepwater
assets,
* 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 press release 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 press release 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