Northwest Colorado Oil & Gas Forum September 4, 2008 Northwest Colorado Oil & Gas Forum September 4, 2008.

Northwest Colorado Oil & Gas Forum

September 4, 2008

Northwest Colorado Oil & Gas Forum

September 4, 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

John MartiniManager, Governmental Affairs

Chuck McDanielVice President, PXP Piceance LLC970-589-8889

Chris ClarkSenior EH&S Advisor

Doug WeaverOperations Manager

Bryant MorrisDrilling Superintendent

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PXPCorporate Developments

In June, PXP and Oxy completed a purchase of a 95% working interest comprising approximately 11,500 net acres in the Plateau Valley. PXP will be the operator.

Collbran Valley Gas Gathering announced new 24-inch pipeline with 600 MMcf per day capacity connecting to Enterprise at Meeker

PXP has moved into new office space at 760 Horizon Drive in Grand Junction.

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PXPDrilling Activity

80 wells drilled year to date

5 rigs operated January to July 2008

Sixth rig, new Grey Wolf Rig 109 – delivered July and commenced drilling August 2008

Seventh rig to arrive this week

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PXPProduction

Average gross daily production for August 2008 was approximately 71 MMcf/day

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PXPReducing Impacts in the Plateau Valley

Installing water lines with gas gathering lines

Improving water disposal well capabilities

Working on desalinization proposals Providing funding for engineering study

on feasibility of a truck bypass for Town of Collbran

Northwest Colorado Oil & Gas Forum

September 4, 2008

Northwest Colorado Oil & Gas Forum

September 4, 2008