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Plains Exploration Represented by Bracewell in Acquisition of Gulf of Mexico Interests from Shell

September 10, 2012

HOUSTON — Bracewell & Giuliani LLP is representing Plains Exploration & Production Company in its agreement to acquire from Shell Offshore Inc. its 50 percent  working interest in the Holstein Field for $560 million.

The Holstein Field is located in the Gulf of Mexico, approximately 150 miles south of New Orleans. The properties being acquired are producing an estimated 7,400 barrels of oil equivalent net per day, of which nearly 86 percent is oil and natural gas liquids.

The transaction is to be effective as of October 1, 2012 and is expected to close by year-end 2012.

Bracewell attorneys working on the transaction include:

Partners: Gray H. Muzzy and Gregory M. Bopp

Associate: Kate Champion