Plains Exploration & Production Company (PXP)

[OilStockReport]

Averaged in a good position over teh last month. This one is going to do wonderes in the new year.

The company said the process will run into the first quarter of 2011 to accommodate existing and additional participants, and to allow for an evaluation of its assets by interested parties.

PXP had expected the process of seeking final bids to dribble over to mid-November, as interested parties sought extra time to complete paper work, Reuters reported.

In August, the company said it would shift to onshore fields from offshore properties because of the new wave of regulations expected following the oil spill in the Gulf of Mexico.

The company said it expects total proceeds of $1.8 to $2.8 billion from the Gulf of Mexico asset sales.

In September, PXP agreed to sell some shallow water properties in the Gulf of Mexico for $818 million to oil and natural gas producer McMoRan Exploration.

Shares of the Houston-based company have gained over 6% in value since.