Pacific Exploration & Production Corp. announced that the company has entered into an agreement (nomination agreement) with: ALFA, S.A.B. de C.V.; and Alejandro Betancourt, O'Hara Administration Co., S.A. and the various shareholders they represent, with respect to the appointment of four new directors to the Board of Directors. Pursuant to the terms of the nomination agreement, ALFA and the O'Hara Group will each be entitled to nominate two individuals to the Board of Directors.

ALFA will nominate Messrs. José de Jesús Valdez Simancas and Raul Millares and O'Hara will nominate Messrs. Alejandro Betancourt and Orlando Alvarado, as members of the Board of Directors, subject to applicable regulatory approvals.

Mr. Valdez joined ALFA in 1976 and is currently the President of Alpek. Mr. Millares is the Energy Manager for ALFA. With more than thirty years of experience at ALFA, Mr. Millares has held different executive positions including Chief Financial Officer of Alpek, manager of planning and development of Alpek, manager of Europe and Asia of Nemak, manager of planning and corporate development of Nemak, Chief Executive Officer of Indelpro, Chief Executive Officer of Akra Nylon and Chief Executive Officer of Polioles.

Mr. Betancourt is Chairman and Founder of Derwick Associates. In this regard, Messrs. Miguel Rodriguez, Neil Woodyer, Victor Rivera and German Efromovich have resigned from the Board of Directors, effective immediately.