HOUSTON, March 24, 2011 /PRNewswire/ -- Plains Exploration
& Production Company (NYSE: PXP) today announced that it has
priced an underwritten public offering of $600 million of 6 5/8% Senior Notes due 2021. The
notes are being sold to the public at par. PXP intends to use the
net proceeds of the offering to repay indebtedness under its senior
revolving credit facility and for general corporate purposes.
Interest is payable on May 1 and
November 1 of each year. The first
interest payment will be made on November 1,
2011, and will consist of interest from closing to that
date. The offering is expected to close on March 29, 2011, subject to the satisfaction of
customary closing conditions.
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 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
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:
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* completion of proposed
offering,
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* the value and completion of
the separation of our Gulf of Mexico deepwater
assets,
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* reserve and production
estimates,
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* oil and gas
prices,
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* the impact of derivative
positions,
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* production expense
estimates,
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* cash flow
estimates,
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* future financial
performance,
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* capital and credit market
conditions,
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* planned capital expenditures,
and
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* other matters that are
discussed in PXP's filings with the SEC.
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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