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EXHIBIT 99.1
CONTACT: PHILLIP D. KRAMER
EXECUTIVE VICE PRESIDENT AND CHIEF FINANCIAL OFFICER
713/654-1414 OR 800/934-6083
FOR IMMEDIATE RELEASE
PLAINS RESOURCES ANNOUNCES INCREASE IN
UPSTREAM SPENDING PLANS FOR 2001
(Houston-November 29, 2000) Plains Resources Inc. (AMEX:PLX) announced
today that its Board of Directors had approved the Company's proposed capital
plan for 2001. The Company's upstream plans call for spending approximately $120
million in 2001, excluding potential acquisitions. This amount is approximately
50% higher than 2000's estimated upstream capital expenditures of $80 million.
Approximately $100 million or 85% of these capital expenditures are
earmarked for exploitation projects in California. The 2001 capital program
incorporates the results of various analyses and reservoir studies performed
over the last few years, and includes the drilling and completion of
approximately 217 total wells, including 56 injector wells. In addition, plans
call for constructing a gas processing plant and a water processing plant at one
of its fields in California to enable the Company to generate its own fuel
supply and to dispose of produced water.
Activities to be conducted in 2001 include a variety of primary, secondary
and tertiary recovery projects that are anticipated to expand the Company's
proved developed reserve base, offset normal production decline and generate a
year-over-year production increase of approximately 10%. Due to the multi-year
nature of many of the capital projects, the Company anticipates generating a
comparable year-over-year production increase in 2002 even at a reduced level of
capital spending.
The Company has scheduled a conference call for Thursday, November 30,
2000, at 9:00 AM (Central) to discuss various aspects of its 2001 capital plans,
and to provide guidance for 2001 for its upstream segment and its midstream
pipeline, terminalling and marketing segment, which is conducted through Plains
All American Pipeline, L.P. The Company also intends to discuss opportunities it
anticipates for 2001. The call is being made available live to the public
through the Internet and on a delayed basis through a telephonic replay.
Instructions for accessing either method follow:
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WEBCAST INSTRUCTIONS:
To access the Internet webcast, please go to the Company's website at
www.plainsresources.com, choose "investor relations", then choose "conference
calls". Following the live webcast, the call will be archived for a period of
ninety (90) days on the Company's website.
TELEPHONIC REPLAY INSTRUCTIONS:
Call 800-428-6051 and enter PASSCODE ID# 144700
The replay will be available beginning Thursday, November 30, 2000, at
approximately 12:00 PM (Central) and continue until Monday, December 4, 2000, at
11:55 PM (Central).
Except for the historical information contained herein, the matters
discussed in this news release are forward-looking statements that involve
certain risks and uncertainties that could cause actual results to differ
materially. These risks and uncertainties include, among other things, economic
conditions, oil and gas price volatility, uncertainties inherent in the
exploration for and development and production of oil and gas and in estimating
reserves, regulatory changes and other factors discussed in Plains Resources'
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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