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Northwest Colorado Oil & Gas Forum December 6, 2007

Northwest Colorado Oil & Gas Forum December 6, 2007. Corporate Information. Grand Junction Office. Corporate Headquarters. Plains Exploration & Production Company 760 Horizon Boulevard, Suite 101 Grand Junction, Colorado 81506. Plains Exploration & Production Company 700 Milam, Suite 3100

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Northwest Colorado Oil & Gas Forum December 6, 2007

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  1. Northwest ColoradoOil & Gas Forum December 6, 2007

  2. Corporate Information Grand Junction Office Corporate Headquarters Plains Exploration & Production Company 760 Horizon Boulevard, Suite 101 Grand Junction, Colorado 81506 Plains Exploration & Production Company 700 Milam, Suite 3100 Houston, Texas 77002 Phone: 713-579-6000Toll Free: 800-934-6083Email: investor@pxp.com Website: www.pxp.com This presentation is not for reproduction or distribution to others without PXP’s consent.

  3. Corporate History • PXP began as a public company in 2002 in a spin-off from Plains Resources Inc. • Grew through mergers, acquisitions and selective divestitures • Recently closed merger with Pogo Producing creating a company with a market capitalization of approximately $5.8 billion and 800 employees • Current production over 100,000 barrels of oil equivalent per day (60% oil) • Revenues of $2 billion (annualized for third quarter 2007) • Proven reserves of 586 billion barrels of oil equivalent (65% oil) at year-end 2006 (pro forma) • 60% of pro forma reserves are in California • Acquired assets in the Piceance Basin from Laramie in June 2007; opened Grand Junction office

  4. Key Asset Areas Oil Gas California Rockies Permian Basin Panhandle Gulf Coast Gulf of Mexico

  5. Rockies Piceance Basin Today, approximately 66 MMCFPD gross production Estimated 80 MMCFPD gross production by year-end 2007 Five drilling rigs One of PXP’s growth areas Green River Basin Wyoming Piceance Basin Colorado San Juan Basin New Mexico

  6. PXP’s Piceance Basin Acreage Four Rigs One Rig

  7. Drilling Activity

  8. Northwest ColoradoOil & Gas Forum December 6, 2007

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