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Plains Exploration

(PXP)

, an independent oil and gas company, said Wednesday that it completed the sale of certain oil and gas properties located onshore California and in West Texas.

Total consideration was $865 million in cash. The Houston-based company said that it expects to record a gain in the third quarter.

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The company is also increasing its estimate of 2006 total capital spending from $526 million to $610 million.

This story was created through a joint venture between TheStreet.com and IRIS.