0001193125-06-230353 Sample Contracts

PLAINS EXPLORATION & PRODUCTION COMPANY RESTRICTED STOCK UNIT AGREEMENT
Restricted Stock Unit Agreement • November 9th, 2006 • Plains Exploration & Production Co • Crude petroleum & natural gas • Delaware

This Restricted Stock Unit Agreement (the “Agreement”), made as of the day of , , (the “Grant Date”), by and between Plains Exploration & Production Company (the “Company”), and (the “Grantee”), evidences the grant by the Company of restricted stock units (“Restricted Stock Units” or “Award”) to the Grantee on such date and the Grantee’s acceptance of the Award in accordance with the provisions of the Plains Exploration & Production Company 2004 Stock Incentive Plan, as amended or restated from time to time (the “Plan”). The Company and the Grantee agree as follows:

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PLAINS EXPLORATION & PRODUCTION COMPANY LONG-TERM RETENTION AGREEMENT
Long-Term Retention Agreement • November 9th, 2006 • Plains Exploration & Production Co • Crude petroleum & natural gas

THIS AGREEMENT (“Agreement”) is made by and between Plains Exploration & Production Company (the “Company”) and (“Executive”) effective this 3rd day of August, 2005 pursuant to the terms of the Plains Exploration & Production Company Executives’ Long-Term Retention and Deferred Compensation Plan (the “Plan”), and the Plains Exploration & Production Company 2004 Stock Incentive Plan as amended from time to time, or any successor plan (the “2004 Stock Plan”), which are incorporated herein by reference. Terms used but not defined herein have the meanings assigned to them in the Plan.

FIFTH SUPPLEMENTAL INDENTURE
Fifth Supplemental Indenture • November 9th, 2006 • Plains Exploration & Production Co • Crude petroleum & natural gas • New York

This FifthSupplemental Indenture, dated as of August 21, 2006, (this “Supplemental Indenture” or “Guarantee”), among Cane River Development LLC, a Delaware limited liability company (“Cane River”), PXP Deepwater L.L.C., a Delaware limited liability company (“Deepwater” and, together with Cane River, the “New Subsidiary Guarantors”), Plains Exploration & Production Company, a Delaware corporation (together with its successors and assigns, the “Issuer”),the subsidiary guarantors party thereto (the “Current Subsidiary Guarantors”), and JPMorgan Chase Bank, National Association, a New York banking corporation, as Trustee (the “Trustee”) under the Indenture referred to below.

PLAINS EXPLORATION & PRODUCTION COMPANY STOCK APPRECIATION RIGHTS AGREEMENT
Stock Incentive Plan • November 9th, 2006 • Plains Exploration & Production Co • Crude petroleum & natural gas • Delaware

THIS GRANT is made as of (the “Grant Date”), by Plains Exploration & Production Company, a Delaware corporation (the “Company”), to (the “Grantee”).

PLAINS EXPLORATION & PRODUCTION COMPANY STOCK APPRECIATION RIGHTS AGREEMENT
2004 Stock Incentive Plan • November 9th, 2006 • Plains Exploration & Production Co • Crude petroleum & natural gas • Delaware

THIS GRANT is made as of (the “Grant Date”), by Plains Exploration & Production Company, a Delaware corporation (the “Company”), to (the “Grantee”).

THIRD SUPPLEMENTAL INDENTURE
Third Supplemental Indenture • November 9th, 2006 • Plains Exploration & Production Co • Crude petroleum & natural gas • New York

This Third Supplemental Indenture, dated as of August 21, 2006 (this “Supplemental Indenture” or “Guarantee”), among Cane River Development LLC, a Delaware limited liability company (“Cane River”), PXP Deepwater L.L.C., a Delaware limited liability company (“Deepwater” and, together with Cane River, the “New Subsidiary Guarantors”), Plains Exploration & Production Company, a Delaware corporation (together with its successors and assigns, the “Issuer”), the subsidiary guarantors party thereto (the “Current Subsidiary Guarantors”), and Wells Fargo Bank, N.A., as Trustee (the “Trustee”) under the Indenture referred to below.

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