Item 7.01 Regulation FD Disclosure

On May 15, 2012, PXP called for redemption all $79.3 million of its 73/4% Notes due 2015 (the "2015 Notes") that remain outstanding. The redemption date for the 2015 Notes is June 15, 2012, and holders will receive a redemption price of 101.938% of the principal amount of the 2015 Notes, plus accrued and unpaid interest up to, but not including, the redemption date.

The information contained in this report shall not constitute a notice of redemption of the 2015 Notes. The redemption is being made solely pursuant to a formal notice of redemption dated May 15, 2012, which is being delivered to the holders of the 2015 Notes.

The information contained in this Item 7.01 is being furnished and shall not be deemed "filed" with the SEC or otherwise incorporated by reference into any registration statement or other document filed pursuant to the Securities Act or the Securities Exchange Act of 1934, as amended.

---