Affiliates of Ramius Capital Send Letter to Board of Directors of Plains Resources Inc. NEW YORK, July 16 /PRNewswire/ -- Certain entities managed by Ramius Capital Group, LLC announced today that they have sent the following letter to the Board of Directors of Plains Resources Inc.: Mr. John T. Raymond President and CEO Plains Resources Inc. 700 Milam Street, Suite 3100 Houston, Texas 77002 Dear John, As you know from the discussions you have been having with us, certain affiliated entities of Ramius Capital Group, LLC believe that the $17.25 per share merger consideration being offered by Vulcan Energy is inadequate. We have concluded that the offer does not reflect fair value for Plains Resources' shares and we believe higher shareholder value can be created through the continued operation of Plains as a standalone public company. As a result, we will vote against the sale of Plains Resources at the upcoming special meeting of stockholders on July 22, 2004. Given the importance of this matter to the shareholders of Plains Resources, we intend to publicly disclose this letter via press release. Yours truly, Mark Mitchell Managing Director Ramius Capital Group, LLC is an investment management firm that manages approximately $5.9 billion of assets. Through its predecessor companies and affiliates, the firm has provided discretionary investment management and merchant banking services since 1994 to U.S. and international institutions and private investors. Contact: Robert Siegfried/Jeremy Fielding Kekst and Company (212) 521-4800 DATASOURCE: Ramius Capital Group, LLC CONTACT: Robert Siegfried or Jeremy Fielding, both of Kekst and Company, +1-212-521-4800, for Ramius Capital Group, LLC

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