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SHAREHOLDER ALERT: Levi & Korsinsky, LLP Announces Investigation into Possible Breaches of Fiduciary Duty by the Board of Plains

  SHAREHOLDER ALERT: Levi & Korsinsky, LLP Announces Investigation into
  Possible Breaches of Fiduciary Duty by the Board of Plains Exploration &
  Production Company in Connection the Sale of the Company

Business Wire

NEW YORK -- December 05, 2012

Levi & Korsinsky is investigating the Board of Directors of Plains Exploration
& Production Company (“PXP” or the “Company”) (NYSE: PXP) for possible
breaches of fiduciary duty and other violations of state law in connection
with the sale of the Company to Freeport-McMoRan Copper & Gold Inc. (“FCX”)
(NYSE: FCX).

Click here to learn more about the investigation:
http://zlk.9nl.com/plains-exploration-pxp/, or call: 877-363-5972. There is no
cost or obligation to you.

Under the terms of the transaction, PXP shareholders will receive 0.6531
shares of FCX common stock and $25.00 in cash for each share of PXP stock they
own, representing a total consideration of $50.00 per PXP share. The
investigation concerns whether the PXP Board of Directors breached their
fiduciary duties to stockholders by failing to adequately shop the Company
before entering into this agreement with FCX. In particular, at least one
analyst set a price target for PXY stock at $78.00 per share.

If you own common stock in PXP and wish to obtain additional information,
please contact Joseph E. Levi, Esq. either via email at jlevi@zlk.com or by
telephone at (212) 363-7500, toll-free: (877) 363-5972, or visit
http://zlk.9nl.com/plains-exploration-pxp/.

Levi & Korsinsky is a national firm with offices in New York and Washington
D.C. The firm has extensive expertise in prosecuting securities litigation
involving financial fraud, representing investors throughout the nation in
securities and shareholder lawsuits. Attorney advertising. Prior results do
not guarantee similar outcomes.

Contact:

Levi & Korsinsky, LLP
Joseph Levi, Esq., 212-363-7500
Toll Free: 877-363-5972
Fax: 866-367-6510
www.zlk.com