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PXP > SEC Filings for PXP > Form 8-K on 19-Dec-2011All Recent SEC Filings




Completion of Acquisition or Disposition of Assets, Financial

Item 2.01 Completion of Acquisition or Disposition of Assets

On December 15, 2011, Plains Exploration & Production Company ("PXP") sold all of its working interests in its Panhandle properties (the "Assets") to Linn Energy, LLC ("Linn Energy"). After the exercise of third party preferential rights and preliminary closing adjustments, PXP received approximately $555 million in cash. PXP expects to receive an additional approximately $74 million in cash from future closings, as may be further modified for additional post-closing adjustments. The Assets were sold pursuant to a Purchase and Sale Agreement dated as of November 3, 2011, and effective as of November 1, 2011, between PXP and certain of its subsidiaries and Linn Energy (the "Purchase and Sale Agreement").

The pro forma financial information required to be filed pursuant to Items 2.01 and 9.01 is set forth below under Item 9.01.

Item 9.01 Financial Statements and Exhibits

(b)(1) Pro forma financial information

On December 15, 2011, PXP sold the Assets to Linn Energy pursuant to the Purchase and Sale Agreement. The pro forma financial information required to be filed pursuant to Items 2.01 and 9.01 of Form 8-K is attached hereto as Exhibit 99.1 and is incorporated by reference in this Item 9.01.

(d) Exhibits

Exhibit Number Document

99.1 Pro forma financial information.

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