PLAINS EXPLORATION AGREES TO ACQUIRE 3TEC ENERGY FOR $432 MILLION

Hart's Petroleum Finance Week | February 10, 2003 | Copyright

Plains Exploration & Production Co. (NYSE: PXP) agreed last week to buy 3Tec Energy Corp. (Nasdaq: TTEN) for a combination of cash and stock. The deal will create new core areas for Plains in East Texas and the Gulf Coast, and is expected to give the company a more balanced production and reserve profile.

Following the acquisition, Houston-based Plains will have an enterprise value of more than $900 million. The companies anticipate completing the transaction in the second quarter of 2003.

"3Tec's high-quality, natural gas-oriented properties bring more balance to our reserve ...

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