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Nuevo Energy Co & Plains Exploration & Production Co	Update Date: 12/19/08
Date Announced: 02/11/04
Value (million $USD): 866.8 million U.S. Dollar

Status: Completed

TRANSACTION DETAILS
Date Announced	02/11/04
Date Originally Announced	02/11/04
Format	Merger	Acquisition techniques	Stock Swap
Attitude	Friendly	Agency	Unspecified Regulatory Auth.
Value	866.8 million U.S. Dollar	Advisor Fees	Nuevo Energy agreed to pay Morgan Stanley reasonable and customary compensation for its financial advisory and fairness opinion services . Plains Exploration agreed to pay JPMorgan reasonable and customary compensation for its financial advisory services.

SYNOPSIS

US - Plains Exploration & Production Co (PEP) acquired all the outstanding common stock of Nuevo Energy Co (NEC), an oil and gas exploration and production company, in a stock swap transaction valued at $866.837 mil, including the assumption of $234 mil in liabilities. PEP offered 1.765 common shares per NEC share. Based on PEP's closing stock price of $15.89 on February 11, the last full trading day prior to the announcement, each NEC share was valued at $28.046. The transaction was subject to the approval of stockholders and regulatory authorities. Upon completion, PEP shareholders were to own 53% interest and NEC a 47% stake in the combined company.

TARGET
Name	Nuevo Energy Co (NEV)
Industries	Drilling oil and gas wells; Oil and gas field exploration services
City	Houston
State	TX
Nation	United States
Incorporated in	DE
Public Status	Public
Business Description	Oil and gas exploration and production
Advisors	Morgan Stanley & Co; Randall & Dewey Inc
Target Sales	371.3 million U.S. Dollar

ACQUIROR
Name	Plains Exploration & Production Co (PXP)
Industries	Drilling oil and gas wells; Oil and gas field exploration services
City	Houston
State	TX
Nation	United States
Incorporated in	CA
Public Status	Public
Business Description	Plains Exploration & Production Co, located in Houston, Texas, is an oil and gas exploration and production company with oil and gas properties and explorations in the US primarily in Los Angeles and San Joaquin Basins onshore California; the Santa Maria Basin offshore California; and the Gulf Coast Basin onshore and offshore Louisiana, including the Gulf of Mexico.
Advisors	JP Morgan & Co Inc
Acquiror Sales	304.1 million U.S. Dollar

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