Filed by Leucadia National Corporation and Pershing Square, L.P.
                       Pursuant to Rule 425 under the Securities Act of 1933 and
  Deemed Filed Pursuant to Rule 14a-12 under the Securities Exchange Act of 1934
                                          Subject Company: Plains Resources Inc.
                                                      Commission File No. 0-9808


FOR IMMEDIATE RELEASE
Leucadia National Corporation Contact:  Laura Ulbrandt (212) 460-1900
Pershing Square, L.P. Contact:  William Ackman (212) 813-3700

          LEUCADIA NATIONAL CORPORATION CORRECTS CONFERENCE CALL DATE:
              CONFERENCE CALL TO BE HELD ON MONDAY, MARCH 8, 2004

NEW YORK, NEW YORK, MARCH 5, 2004 - Leucadia National Corporation (LUK - NYSE
and PCX) announced that the conference call to respond to questions from
shareholders regarding the terms of Leucadia's proposal to acquire Plains
Resources Inc. (NYSE - PLX) will be held on Monday, March 8, 2004 at 2:00 p.m.
EDT not Monday, March 15, 2004.

Callers can access the call by dialing toll free (800) 299-8538. Callers calling
from outside the United States should dial (617) 786-2902. The meeting title,
"Plains Resources - Leucadia National Corporation Conference Call," and
participant passcode, 24546151, will be required to access the call.

This communication shall not constitute an offer to sell or the solicitation of
an offer to buy any securities, nor shall there be any sale of securities in any
jurisdiction in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of any such
jurisdiction. No offering of securities shall be made except by means of a
prospectus meeting the requirements of Section 10 of the Securities Act of 1933,
as amended. Any offer will only be made through a prospectus, which is part of a
registration statement to be filed with the Securities and Exchange Commission
(the "SEC"). Plains Resources shareholders are urged to carefully read the
registration statement and the prospectus included therein, and the proxy
statement and other documents relating to an offer, when they become available
because these documents will contain important information relating to the
offer. You may obtain a free copy of these documents after they have been filed
with the SEC, and other documents filed by Leucadia with the SEC, at the SEC's
website at www.sec.gov. Once a registration statement, as well as any documents
incorporated by reference therein and a proxy statement have been filed with the
SEC, you will also be able to inspect and copy these documents at the public
reference room maintained by the SEC at 450 Fifth Street, NW, Washington, D.C.
20549. YOU SHOULD CAREFULLY READ THE PROSPECTUS AND THE PROXY STATEMENT WHEN
THEY BECOME AVAILABLE BEFORE MAKING A DECISION CONCERNING AN OFFER.