March 26, 2010 (FinancialWire) — Plains Exploration & Production Cor. (NYSE: PXP) has priced an underwritten public offering of $300 million of 7 5/8% senior notes due 2020. The notes are being sold to the public at par.

PXP plans to use the net proceeds of the offering to repay indebtedness under its senior revolving credit facility and for general corporate purposes.

Interest is payable on April 1 and October 1 of each year. The first interest payment will be made on October 1, 2010, and will consist of interest from closing to that date.

The offering is scheduled to close on March 29, 2010, subject to the satisfaction of customary closing conditions.

Texas-based PXP 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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