PXP Completes Acquisition of Gulf of Mexico Assets

              PXP Completes Acquisition of Gulf of Mexico Assets

PR Newswire

HOUSTON, Nov. 30, 2012

HOUSTON, Nov. 30, 2012 /PRNewswire/ --Plains Exploration & Production Company
(NYSE:PXP) reports it has closed the previously announced acquisition of
interests in certain deepwater Gulf of Mexico oil and gas properties from BP
Exploration & Production Inc. and BP America Production Company (collectively,
"BP"). In addition to the acquisition of assets from BP, PXP closed the
previously announced acquisition of certain oil and natural gas interests in
the Holstein Field located in the Gulf of Mexico from Shell Offshore Inc.
("Shell"). The BP and Shell transactions were funded with borrowings under
PXP's senior secured revolving and term loan credit facility and net proceeds
from the senior notes issued in October 2012. Both transactions are subject to
customary post-closing adjustments.

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.

SOURCE Plains Exploration & Production Company

Website: http://www.pxp.com
Contact: Hance Myers, hmyers@pxp.com, +1-713.579.6291