Exhibit 99.1
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 | | Plains Exploration & Production Company |
| | 700 Milam, Suite 3100 |
| | Houston, TX 77002 |
NEWS RELEASE
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| Contact: | | Scott D. Winters |
| | | Director - Investor Relations |
| | | (832) 239-6190 or (800) 934-6083 |
FOR IMMEDIATE RELEASE
PLAINS EXPLORATION ANNOUNCES INCREASE IN CONSENT FEE AND EXTENSION OF CONSENT SOLICITATION FOR OUTSTANDING 8 3/4% SENIOR SUBORDINATED NOTES DUE 2012
HOUSTON, Texas, June 17, 2004 – Plains Exploration & Production Company (NYSE:PXP) (“PXP”) announced today an increase in the fee it is offering to pay to holders of its outstanding 8 3/4% Senior Subordinated Notes due 2012 (the “Notes”) for consents to certain proposed amendments to the Indenture, dated as of July 3, 2002, governing such Notes. Subject to the terms and conditions of its consent solicitation, including the receipt by PXP of consents from holders of at least a majority in aggregate principal amount of the Notes on or before the expiration of the consent solicitation, PXP will pay $7.50 in cash (an increase from $5.00) for each $1,000 in principal amount of Notes for which a valid consent is timely received and not revoked as set forth in PXP’s “Consent Solicitation Statement” dated June 8, 2004 and related materials.
PXP further announced that it has extended the expiration date for the consent solicitation to 5:00 p.m., New York City time, on Friday, June 18, 2004.
All other terms and conditions of the consent solicitation remain as set forth in the Consent Solicitation Statement and related materials. Please review the Consent Solicitation Statement and related materials for further information on such terms and conditions, including your right to withdraw or revoke your consent.
J.P. Morgan Securities Inc. is the solicitation agent for the consent solicitation. Questions relating to the terms of the consent solicitation may be directed to J.P. Morgan Securities Inc. (telephone: 800-245-8812 or 212-270-9153). Requests for assistance or documentation may be directed to Georgeson Shareholder Communications Inc., the information agent (telephone: 212-440-9800 (for banks and brokers only) or 877-388-2827 (for all others toll-free)).
PXP is an independent oil and gas company primarily engaged in the upstream activities of acquiring, exploiting, developing and producing oil and gas in its core areas of operation: onshore and offshore California, West Texas, East Texas and the Gulf Coast region of the United States. PXP is headquartered in Houston, Texas.
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ADDITIONAL INFORMATION & FORWARD LOOKING STATEMENTS
This press release includes “forward-looking statements” as defined by the Securities and Exchange Commission (“SEC”). Such statements include those concerning PXP’s strategic plans, expectations and objectives for future operations. 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:
| | • | reliability of reserve and production estimates, |
| | • | production expense estimates, |
| | • | future financial performance, and |
| | • | other matters that are discussed in PXP’s filings with the SEC. |
These statements are based on certain assumptions PXP made based on its experience and perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate under the circumstances. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond PXP’s control. Statements regarding future production are subject to all of the risks and uncertainties normally incident to the exploration for and development and production of oil and gas. These risks include, but are not limited to, inflation or lack of availability of goods and services, environmental risks, drilling risks and regulatory changes. Investors are cautioned that any such statements are not guarantees of future performance and that actual results or developments may differ materially from those projected in the forward-looking statements. Please refer to our filings with the SEC, including our Forms 10-K and 10-K/A for the year ended December 31, 2003, for a further discussion of these risks.
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