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PXP > SEC Filings for PXP > Form 8-K on 9-Dec-2011All Recent SEC Filings




Creation of a Direct Financial Obligation or an Obligation und

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

On December 8, 2011, Plains Exploration & Production Company ("PXP") entered into Amendment No. 4 to the Amended and Restated Credit Agreement with JPMorgan Chase Bank, N.A. as administrative agent, and the lenders party thereto (the "Fourth Amendment"), which amends the senior revolving credit facility dated as of August 3, 2010 (the "Credit Facility"). On November 3, 2011, PXP entered into definitive purchase and sale agreements to sell all of its working interests in oil and gas properties located in the Texas Panhandle and its conventional natural gas properties in South Texas for $785 million cash (the "Asset Sales"). The Fourth Amendment provides for no reduction in the current $1.8 billion borrowing base in connection with the Asset Sales. The borrowing base is subject to the existing scheduled and interim redetermination provisions in the Credit Facility. The next scheduled redetermination is on or before May 1, 2012. The foregoing description of the Fourth Amendment does not purport to be complete and is qualified in its entirety by reference to the full text of the Fourth Amendment, which is filed as Exhibit 4.1 hereto and incorporated by reference herein.

Item 9.01 Financial Statements and Exhibits

(d) Exhibit

4.1 Amendment No. 4, dated December 8, 2011, to the Amended and Restated Credit Agreement, dated as of August 3, 2010, among Plains Exploration & Production Company, as borrower, each of the lenders that is a signatory thereto, and JPMorgan Chase Bank, N.A., as administrative agent.

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