Vulcan Capital to Acquire Plains Resources

(Houston, Texas) – Independent energy company Plains Resources Inc. (NYSE: PLX) announced on February 19, 2004, that it has entered into a definitive cash merger agreement with an affiliate of Vulcan Capital, the investment arm of Paul G. Allen’s Vulcan Inc. Plains Resources Chairman James C. Flores and CEO and President John T. Raymond are participating with the Vulcan affiliate in the transaction.

Under the terms of the agreement, shareholders of Plains Resources (excluding Messrs. Flores and Raymond) will receive $16.75 per share in cash, and Plains Resources will become a privately held company. The transaction, valued at $395 million, is expected to close during the second quarter of 2004.

Akin Gump Strauss Hauer & Feld LLP represented Messrs. Flores and Raymond in the transaction.

Founded in 1945, Akin Gump Strauss Hauer & Feld LLP, a leading international law firm, numbers 950 lawyers with offices in Albany, Austin, Brussels, Chicago, Dallas, Houston, London, Los Angeles, Moscow, New York, Northern Virginia, Philadelphia, Riverside, Riyadh (affiliate), San Antonio, San Francisco and Washington. The firm has a diversified practice and represents regional, national and international clients in a wide range of areas, including antitrust; banking and financial institutions; capital markets; communications; corporate and securities; employee benefits; energy, land use and environment; entertainment; estate planning, wealth transfer and probate; financial restructuring; government contracts; health; insurance; intellectual property; international; investment management; labor and employment; litigation; mergers and acquisitions; privatization; project development and finance; public law and policy; real estate and finance; taxation; and technology.

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