1. Northwest Colorado Oil & Gas Forum June 5, 2008 Northwest Colorado Oil & Gas Forum June 5, 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 Chuck McDaniel Vice President, PXP Piceance LLC 970-589-8889 Chris Clark Senior EH&S Advisor John Martini Manager, Governmental Affairs Bryant Morris Drilling Superintendent

3. PXP 3 Corporate 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

4. PXP 4 Drilling 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 PXPs first pad drilling rig

5. PXP 5 Piceance Basin Acreage Three Rigs Two Rigs (including new GW 109) One Rig

6. PXP 6 Production New Alkali Creek Compressor site – serves Hells Gulch field Average gross daily production for May 2008 was approximately 68 MMcf/day

7. Northwest Colorado Oil & Gas Forum January 17, 2008 Northwest Colorado Oil & Gas Forum January 17, 2008