The short term investing stock picks blog

BUY: Plains Exploration & Production Company (NYSE: PXP) $51.00 (10/29/07)

Sell price: $53.55 or
Sell date: November 29, 2007
Stop loss: $48.00 (-5.9%)

Daily showing a nice cup and handle break-out
P&F Double top break-out last week
EMA/MACD very bullish
Fibonacci very bullish

Profile: Plains Exploration & Production Company (PXP) is an independent oil and gas company primarily engaged in the activities of acquiring, developing, exploiting, exploring and producing oil and gas properties in the United States. The Company’s core areas of operations are the Los Angeles and San Joaquin Basins onshore California; the Santa Maria Basin offshore California, and the Gulf Coast Basin onshore and offshore Louisiana, including the Gulf of Mexico. As of December 31, 2006, PXP had estimated proved reserves of 351.7 one million barrel equivalent of oil (MMBOE), of which 95% was consisted of oil and 52% was proved developed. Approximately 99% of its proved reserves are located onshore and offshore California. The Company has a total proved reserve life of approximately 17 years and a proved developed reserve life of approximately nine years. On November 1, 2006, PXP closed the sale of non-producing oil and gas properties to Statoil Gulf of Mexico LLC (Statoil).