Northwest Colorado Oil & Gas Forum June 5, 2008 Northwest Colorado Oil & Gas Forum June 5, 2008.

Northwest Colorado Oil & Gas Forum

June 5, 2008

Northwest Colorado Oil & Gas Forum

June 5, 2008

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PXP

Corporate Headquarters Grand Junction Office

Plains Exploration & Production Company700 Milam, Suite 3100Houston, Texas 77002

Phone: 713-579-6000Toll Free: 800-934-6083Email: [email protected]

Website: www.pxp.com

This presentation may not be reproduced or distributed to others without PXP’s consent.

Corporate Information

Plains Exploration & Production Company760 Horizon Boulevard, Suite 101Grand Junction, Colorado 81506

Chuck McDanielVice President, PXP Piceance LLC970-589-8889

Chris ClarkSenior EH&S Advisor

John MartiniManager, Governmental Affairs

Bryant MorrisDrilling Superintendent

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PXPCorporate Developments

At a closing on February 29, 2008, PXP assigned 50% interest in oil and gas properties in the Piceance Basin to OXY USA Inc.

PXP retains 50% and remains operator of these assets

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PXPDrilling Activity

45 wells drilled January 1 – May 31, 2008

5 rigs operated through May 2008

Sixth rig, new Grey Wolf Rig 109 – delivery June 2008

PXP’s first pad drilling rig

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PXPPiceance Basin Acreage

Three Rigs

Two Rigs(including new

GW 109)

One Rig

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PXPProduction

New Alkali Creek Compressor site – serves Hell’s Gulch field

Average gross daily production for May 2008 was approximately 68 MMcf/day

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