HOUSTON, Dec. 7 /PRNewswire-FirstCall/ -- Plains Exploration & Production Company ("PXP") announced today the expiration of three separate Change of Control Offers to purchase for cash at 101% of principal amount, plus accrued and unpaid interest, any and all of the outstanding 7.875% Senior Subordinated Notes due 2013 (the "7.875% Notes"), 6.625% Senior Subordinated Notes due 2015 (the "6.625% Notes") and 6.875% Senior Subordinated Notes due 2017 (the "6.875% Notes" and, together with the 7.875% Notes and the 6.625% Notes, the "Notes") (CUSIP Nos. 730448 AV 9, 730448 AR 8 and 730448 AT 4, respectively) of Pogo Producing Company LLC ("Pogo"), a wholly owned subsidiary of PXP and successor to Pogo Producing Company, which PXP acquired on November 6, 2007.
The Change of Control Offers expired immediately after 5:00 p.m., New York City Time, on December 7, 2007 (the "Expiration Date") and were required under the indentures governing each series of the Notes as a result of PXP's acquisition of Pogo Producing Company. On November 20, 2007, PXP also announced the results of Pogo's tender offers and consent solicitations for the Notes, pursuant to which 100% of the 6.625% Notes and over 99% of each of the 7.875% Notes and 6.875% Notes were tendered. All of the remaining outstanding 7.875% Notes and none of the 6.875% Notes were tendered in the Change of Control Offers which expired today.
This announcement is not an offer to purchase or a solicitation of an offer to purchase with respect to any securities. The Change of Control Offers were made solely by Pogo's Notice of Change of Control and Offer to Purchase Notes Statement dated November 7, 2007.
PXP is an independent oil and gas company primarily engaged in the upstream activities of acquiring, developing, exploiting, exploring and producing oil and gas in its core areas of operation: California, Rockies, Permian Basin, Texas Panhandle, South Texas and the Gulf Coast region of the United States. PXP is headquartered in Houston, Texas.
ADDITIONAL INFORMATION & FORWARD LOOKING STATEMENTS
This press release contains forward-looking information regarding PXP that is intended to be covered by the safe harbor "forward-looking statements" provided by the Private Securities Litigation Reform Act of 1995. 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 statements regarding:
* effective integration of Pogo, * reserve and production estimates, * oil and gas prices, * the impact of derivative positions, * production expense estimates, * cash flow estimates, * future financial performance, * planned capital expenditures, and * other matters that are discussed in PXP's filings with the Securities and Exchange Commission (the "SEC").
These statements are based on our current expectations and projections about future events and involve known and unknown risks, uncertainties, and other factors that may cause our actual results and performance to be materially different from any future results or performance expressed or implied by these forward-looking statements. Please refer to our filings with the SEC, including our Form 10-K for the year ended December 31, 2006, for a discussion of these risks.
All forward-looking statements in this report are made as of the date hereof, and you should not place undue reliance on these statements without also considering the risks and uncertainties associated with these statements and our business that are discussed in this report and our other filings with the SEC. Moreover, although we believe the expectations reflected in the forward-looking statements are based upon reasonable assumptions, we can give no assurance that we will attain these expectations or that any deviations will not be material. Except for any obligation to disclose material information under the Federal securities laws, we do not intend to update these forward-looking statements and information.
