March 3, 2009 (FinancialWire) -- Plains Exploration & Production Co. (NYSE: PXP) plans to offer $500 million of senior notes due in 2016. J.P. Morgan Securities (NYSE: JPM), Greenwich Capital Markets, Wachovia Capital Markets (NYSE: WB), Goldman, Sachs & Co. (NYSE: GS), Morgan Stanley & Co. and Banc of America Securities will act as book-running managers.

The company plans to use the net proceeds from the offering for future capital expenditures and for general corporate purposes. The notes are scheduled to settle on March 6.

Houston-based Plains Exploration & Production is an independent oil and gas company primarily engaged in the activities of acquiring, developing, exploring and producing oil and gas in California, Texas, Louisiana and the Gulf of Mexico.

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