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Plains Exploration & Production

(PXP)

will redeem all $250 million of its 7 1/8% senior notes due 2014 and offer to purchase all $275 million of its 8 3/4% senior subordinated notes due 2012.

The Houston-based company will pay the redemption price for the senior notes on Nov. 3.

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Shares of the oil and gas company were down 20 cents at $40.73 Wednesday.

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