SHAREHOLDER ALERT: Levi & Korsinsky, LLP Notifies Investors of Claims of Breaches of Fiduciary Duty by the Board of Plains

SHAREHOLDER ALERT: Levi & Korsinsky, LLP Notifies Investors of Claims of
Breaches of Fiduciary Duty by the Board of Plains Exploration & Production
Company in Connection With the Sale of the Company

NEW YORK, Dec. 13, 2012 (GLOBE NEWSWIRE) -- Levi & Korsinsky notifies
investors of Plains Exploration & Production Company ("PXP" or the "Company")
(NYSE:PXP) of claims of breaches of fiduciary duty and other violations of
state law against the board of directors of the Company in connection with the
sale of the Company to Freeport-McMoRan Copper & Gold Inc. ("FCX") (NYSE:FCX).
A complaint was filed in Delaware state court.

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 claims
concern 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 PXP 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.
         30 Broad Street - 24th Floor
         New York, NY 10004
         Tel: (212) 363-7500
         Toll Free:  (877) 363-5972
         Fax: (866) 367-6510
         www.zlk.com