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[LOGO] PLAINS NEWS
RESOURCES RELEASE
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Contact: Phillip D. Kramer
Executive Vice President and CFO
713/654-1414 800/934-6083
FOR IMMEDIATE RELEASE
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Plains Resources Announces Stock Repurchase Program
(Houston - June 13, 2000) Plains Resources Inc. (AMEX:PLX) announced today
that its Board of Directors has approved a program to repurchase up to one
million shares of the Company's common stock. The timing and amount of any
purchases will depend on various factors, including market conditions. As
currently contemplated, the program would continue through December 31, 2000.
"The Company is in one of the most liquid and financially flexible
positions experienced in the 19 years I have been with the Company," said Greg
L. Armstrong, President and Chief Executive Officer. "Given this attractive
financial position, our long-lived reserve base and sound industry fundamentals,
we believe the repurchase of shares represents an attractive investment
opportunity and prudent use of capital and underscores our confidence in Plains'
long-term value creation strategy."
Except for the historical information contained herein, the matters
discussed in this news release are forward-looking statements that involve risks
and uncertainties. These risks and uncertainties include, among other things,
market conditions, government regulations and other factors discussed in the
Company's filings with the Securities and Exchange Commission.
Plains Resources is an independent energy company engaged in the
exploration, acquisition, development and exploitation of crude oil and natural
gas. Through its majority ownership in Plains All American Pipeline, L.P., the
Company is engaged in the midstream activities of marketing, gathering,
transportation, terminalling and storage of crude oil. The Company is
headquartered in Houston, Texas.
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