Plains Exploration & Production 8-K Entry into a Material Definitive Agreement

IPAA

Oil & Gas Investment Symposium

April 2007

IPAA

Oil & Gas Investment Symposium

April 2007

Exhibit 99.1

2

PXP

Except for the historical information contained herein, the

matters discussed in this presentation are “forward-looking

statements”

as defined by the Securities and Exchange

Commission.  These statements involve 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.

The forward-looking statements are subject to a number of

known and unknown risks, uncertainties and other factors that

could cause our actual results to differ materially.  These risks

and uncertainties include, among other things, completion of the

proposed acquisition, uncertainties inherent in the exploration

for and development and production of oil & gas and in

estimating reserves, unexpected future capital expenditures,

general economic conditions, oil and gas price volatility, the

success of our risk management activities, competition,

regulatory changes and other factors discussed in PXP’s filings

with the Securities and Exchange Commission.

Corporate Headquarters

Contacts

Plains Exploration & Production Company

700 Milam, Suite 3100

Houston, Texas 77002

Forward Looking Statements

This presentation is not for reproduction or distribution to others without PXP’s consent.

Corporate Information

James C. Flores -

Chairman, President & CEO

Winston M. Talbert –

Exec. Vice President & CFO

Scott Winters –

Vice President Investor Relations

Joanna Pankey -

Investor Relations Analyst

Phone: 713-579-6000

Toll Free: 800-934-6083

Email: investor@pxp.com

Web Site: www.pxp.com                                           

3

PXP

Recent Announcement

Acquire Colorado Piceance Basin oil and gas

producing properties, associated midstream assets

and a 25% interest in the Collbran Valley Gathering

System

Adds 2.2 TCFE 3P reserves

Adds 55,000 net acres, 200+ producing wells, 3,000+

future drilling locations and 40 miles of pipeline and

gathering systems to PXP

Pay $900 million in cash and issue 1 million PXP

shares at transaction closing

Contributes immediately to PXP’s per share growth

strategy

4

PXP

Transaction Metrics

$2.32

$4.65

Rocky Mountain / Piceance Relative Valuation

Enterprise Value / Proved MCFE Only

(1) Comparable companies as of 4/16/07: Bill Barrett, Delta Petroleum, Ultra Petroleum.

Mean

EV / MCFE

(1)

PXP

Transaction

(2)

386 BCFE

Proved Reserves

(2) Excludes real estate and midstream asset values.

5

PXP

Pro Forma Operations Overview

Reserves

894 MMBOE 3P reserves

81% proved crude oil reserves

19 year proved R/P

Operations

Development

–

Piceance Basin, CO

–

San Joaquin Valley, CA

–

Arroyo Grande, CA

–

Los Angeles Basin, CA

–

Offshore, CA

–

Gulf of Mexico

504

MMBOE

3P

359

MMBOE

3P

31

MMBOE

3P

Exploration

500±

MMBOE

net total potential

6

PXP

Exploration

California land value

Acquisitions

Meaningful

value growth

per share

GROWTH

Today                                                       Future

Legacy California oil fields

Piceance Basin acquisition

Substantial

cash flow

per share

DEVELOP

Operating Strategy to Increase Value

7

2007 Resource Potential Net to PXP

504

MMBOE

3P reserves

(1)

(1) Reserves: As of 12/31/06, independently engineered by Netherland, Sewell & Associates, Inc.

Legacy California oil fields

8

PXP

Development –

Onshore California

325 MMBOE 

proved reserves

143 MMBOE

probable / possible

2,500+ future well

locations

24 yr R/P

Los Angeles

Basin

Los Angeles

Basin

San Joaquin

Valley

San Joaquin

Valley

Arroyo

Grande

Arroyo

Grande

Reserves: As of 12/31/06, independently engineered by Netherland, Sewell & Associates, Inc.

9

PXP

Development / Exploration

Offshore California

25 MMBOE proved reserves

10 MMBOE probable /

possible reserves

13,500 net BOEPD        

sales volumes (4Q’06 avg.)

Continue T-Ridge permitting

process

Pt. Pedernales Unit

T-

Ridge

Prospect Area

T-

Ridge

Prospect Area

Pt. Arguello Unit

Pt. Arguello Unit

Rocky Point

Unit

Rocky Point

Unit

Permits required for development

T-Ridge lease permit filed

California

Reserves: As of 12/31/06, independently engineered by Netherland, Sewell & Associates, Inc.

10

2007 Resource Potential Net to PXP

Legacy California oil fields

504

MMBOE

3P reserves

(1)

(1) Reserves: As of 12/31/06, independently engineered by Netherland, Sewell & Associates, Inc.

Piceance Basin acquisition

359

MMBOE

3P reserves

11

PXP

Piceance Basin Overview

One of the largest gas

accumulations in North

America

Estimated 200-300 TCF of gas

in place

80-120 BCF of gas in place

per section

Over 1.0 BCFD of current

production

Major players:  EnCana,

Williams, ExxonMobil, XTO,

Marathon, ConocoPhillips, Oxy

Approximately 75 rigs currently

active

12

PXP

SW-NE Piceance Basin

Cross Section

13

PXP

Williams Fork Gas Column Isopach

A

A’

1,400’

–

1,600’

thick

Williams Fork gas column

1,400’

–

1,600’

thick

Williams Fork gas column

PXP acreage

14

PXP

PXP –

Piceance Basin

Operational Metrics

55,000 net acres

2.2 TCFE 3P reserves              

386 BCFE proven

36 MCFEPD production

3,000+ future well locations

Nearly 1.0 BCFE EUR per well

Initially drill 100±

wells per year

5 drilling rigs operating

8,000’

MD average well depth

40 miles of transportation & gathering

systems in place

Green River

Basin

Wyoming

Colorado

Piceance Basin

15

2007 Resource Potential Net to PXP

500±

MMBOE

net total

potential

31 MMBOE

3P reserves

Legacy California oil fields

Exploration

2007: 10 drills

Friesian discovery

Hurricane Deep discovery

504

MMBOE

3P reserves

(1)

Piceance Basin acquisition

359

MMBOE

3P reserves

(1) Reserves: As of 12/31/06, independently engineered by Netherland, Sewell & Associates, Inc.

16

PXP

Las Vegas (NV, 2 prospects)

Productive

Deepwater #2

Friesian

Cavallo Deep

Deepwater #1

Q3

Flatrock

Mound Point South

Cottonwood Point

Cas

Hurricane Deep

2007

Q2

Currently

Drilling

Exploration

Estimated SPUD Date

Productive         Exploration

17

PXP

Exploration History & Current Status

Gulf of Mexico

Prospects

Prospects

Discoveries

Discoveries

Friesian

Big Foot

MATAGORDA

ISLAND

DEEP

MI

New Orleans

Caesar

Breton

Sound

Discoveries Sold

Discoveries Sold

Drilling 2007

Drilling 2007

Hurricane Deep

Flatrock

Mound Point

South

Cas

Cottonwood

Point

Cavallo Deep

20+ Prospect inventory beyond current 2007 drills

20+ Prospect inventory beyond current 2007 drills

18

PXP

Corporate Strategy

Accelerate PXP’s Per Share Growth

-

Piceance Basin

-

Gulf of Mexico

-

Green River Basin

-

California

Reserve growth

-

Gulf of Mexico

Accelerate production growth

-

Piceance Basin

-

California

Increase production growth

from

3% to 10% CAGR

from our combined base

development assets

19

PXP

Valuation

894

MMBOE

3P reserves

894

MMBOE

3P reserves

$4.8 Billion

Current

Enterprise Value

20

PXP

Valuation

894

MMBOE

3P reserves

894

MMBOE

3P reserves

2007

Exploration

500

MMBOE

net total potential

2007

Exploration

500

MMBOE

net total potential

$4.8 Billion

Current

Enterprise Value

21

PXP

2008

Exploration

prospect

inventory

& real estate

2008

Exploration

prospect

inventory

& real estate

Valuation

894

MMBOE

3P reserves

894

MMBOE

3P reserves

2007

Exploration

500

MMBOE

net total potential

2007

Exploration

500

MMBOE

net total potential

$4.8 Billion

Current

Enterprise Value

IPAA

Oil & Gas Investment Symposium

April 2007

IPAA

Oil & Gas Investment Symposium

April 2007