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

2. PXP 2 Corporate Headquarters Grand Junction Office Plains Exploration & Production Company 700 Milam, Suite 3100 Houston, Texas 77002 Phone: 713-579-6000 Toll Free: 800-934-6083 Email: investor@pxp.cominvestor@pxp.com Website: www.pxp.comwww.pxp.com This presentation may not be reproduced or distributed to others without PXPs consent. Corporate Information Plains Exploration & Production Company 760 Horizon Boulevard, Suite 101 Grand Junction, Colorado 81506 John Martini Manager, Governmental Affairs Chuck McDaniel Vice President, PXP Piceance LLC 970-589-8889 Chris Clark Senior EH&S Advisor Doug Weaver Operations Manager Bryant Morris Drilling Superintendent

3. PXP 3 Corporate 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.

4. PXP 4 Drilling 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

5. PXP 5 Production Average gross daily production for August 2008 was approximately 71 MMcf/day

6. PXP 6 Reducing 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

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