HOUSTON, May 9, 2013 /PRNewswire/ -- Plains Exploration & Production Company (NYSE: PXP) announced that it received a favorable ruling today in the Court of Chancery of the State of Delaware regarding shareholder lawsuits attempting to enjoin the merger with Freeport-McMoRan Copper & Gold Inc. The consolidated action is entitled In re Plains Exploration & Production Company Stockholder Litigation, No. 8090-VCN. A hearing was held on May 1, 2013 concerning the plaintiffs' request for preliminary injunctive relief. The Court ruled today that the plaintiffs "have not established a reasonable probability of success on the merits" of their claim that the PXP Board of Directors breached its fiduciary duties in connection with the proposed merger, and denied their motion for a preliminary injunction. The stockholder vote concerning the proposed merger remains scheduled for May 20, 2013. A copy of the opinion can be found at http://courts.delaware.gov/opinions/download.aspx?id=189160.
The PXP Board of Directors and Management continue to believe that the transaction is in the best interests of PXP's stockholders. The PXP Board of Directors recommends that PXP stockholders vote in favor of the transaction at the upcoming Special Meeting of PXP stockholders to be held on May 20, 2013.
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. PXP is headquartered in Houston, Texas.
ADDITIONAL INFORMATION & FORWARD-LOOKING STATEMENTSThis press release contains forward-looking information regarding PXP that is intended to be covered by the safe harbor for "forward-looking statements" provided by the Private Securities Litigation Reform Act of 1995. All statements included in this press release that address activities, events or developments that PXP expects, believes or anticipates will or may occur in the future are forward-looking statements.These include statements regarding:* completion of the proposed merger,* reserve and production estimates,* oil and gas prices,* the impact of derivative positions,* production expense estimates,* cash flow estimates,* future financial performance,* capital and credit market conditions,* planned capital expenditures, and* other matters that are discussed in PXP's filings with the SEC.