One-Page Deal Sheet
Plains Sells Interest in GOM Asset
Mcmoran Exploration Co. Plains Exploration & Production Company
Announced Date
September 20,2010
Effective Date
August 01,2010
Close Date
December 30,2010
Transaction Type
Property
Enterprise Value (EV)($MM)
818
Asset/Basin:
{"Gulf of Mexico Shelf"}
TargetZones:
{Pliocene,Miocene,"L
Proved Reserves
Location
Country
United States
Play
Production & Reserves Production
Reserves
Transaction Details: Subscribe to see
Plains Exploration & Production Company announces it and certain of its subsidiaries have executed an agreement with McMoRan Exploration Co. (NYSE: MMR) to divest PXP's interests in properties located in Gulf of Mexico shallow water for a combination of cash and stock.
PXP will receive $75 million in cash and 51 million shares of McMoRan common stock in exchange for PXP's interests in all of its Gulf of Mexico leasehold located in less than 500 feet of water ($818 million total consideration using McMoRan's stock price of $14.57 on September 17, 2010). These properties are currently producing…
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