EX-25.1 14 dex251.htm FORM T-1 Form T-1

EXHIBIT 25.1

 


 

FORM T-1

 

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

STATEMENT OF ELIGIBILITY

UNDER THE TRUST INDENTURE ACT OF 1939 OF A

CORPORATION DESIGNATED TO ACT AS TRUSTEE

 


 

 

CHECK IF AN APPLICATION TO DETERMINE

ELIGIBILITY OF A TRUSTEE PURSUANT TO SECTION 305(b)(2) [    ]

 


 

 

WELLS FARGO BANK, NATIONAL ASSOCIATION

(Exact name of trustee as specified in its charter)

 

Not Applicable   94-1347393
(Jurisdiction of incorporation or organization   (I.R.S. employer
if not a U.S. national bank)   identification no.)

 

505 Main Street, Suite 301    
Fort Worth, Texas   76102
(Address of principal executive offices)   (Zip code)

 

Wells Fargo & Company

Law Department, Trust Section

MAC N9305-172

Sixth and Marquette, 17th Floor

Minneapolis, MN 55479

(Name, address and telephone number of agent for service)

 


 

Plains Exploration & Production Company and Guarantors listed below

(Exact name of obligor as specified in its charter)

 

Delaware   33-0430755
(State or other jurisdiction of   (I.R.S. employer
incorporation or organization)   identification no.)

 

700 Milam Street, Suite 3100    
Houston, Texas   77002
(Address of principal executive offices)   (Zip Code)

 


 

7 1/8% Senior Notes due 2014

(Title of the indenture securities)


Arguello, Inc.

(Guarantor)

 

Delaware   76-0608465
(State or other jurisdiction of   (I.R.S. employer
incorporation or organization)   identification no.)

 

Nuevo Ghana Inc.

(Guarantor)

 

Delaware   76-0527372
(State or other jurisdiction of   (I.R.S. employer
incorporation or organization)   identification no.)

 

Nuevo International Inc.

(Guarantor)

 

Delaware   76-0577836
(State or other jurisdiction of   (I.R.S. employer
incorporation or organization)   identification no.)

 

Nuevo Offshore Company

(Guarantor)

 

Delaware   01-0628961
(State or other jurisdiction of   (I.R.S. employer
incorporation or organization)   identification no.)

 

Nuevo Permian Inc.

(Guarantor)

 

Delaware   91-2116322
(State or other jurisdiction of   (I.R.S. employer
incorporation or organization)   identification no.)

 

Nuevo Permian Limited Partnership

(Guarantor)

 

Texas   75-2836792
(State or other jurisdiction of   (I.R.S. employer
incorporation or organization)   identification no.)

 

Nuevo Resources Inc.

(Guarantor)

 

Delaware   75-2778316
(State or other jurisdiction of   (I.R.S. employer
incorporation or organization)   identification no.)


Nuevo Texas Inc.

(Guarantor)

 

Delaware   75-2744301
(State or other jurisdiction of   (I.R.S. employer
incorporation or organization)   identification no.)

 

Pacific Interstate Offshore Company

(Guarantor)

 

California   95-3685016
(State or other jurisdiction of   (I.R.S. employer
incorporation or organization)   identification no.)

 

Plains E&P Company

(Guarantor)

 

Delaware   74-3050622
(State or other jurisdiction of   (I.R.S. employer
incorporation or organization)   identification no.)

 

Plains Resources International Inc.

(Guarantor)

 

Delaware   76-0040974
(State or other jurisdiction of   (I.R.S. employer
incorporation or organization)   identification no.)

 

PMCT Inc.

(Guarantor)

 

Delaware   76-0410281
(State or other jurisdiction of   (I.R.S. employer
incorporation or organization)   identification no.)

 

PXP Gulf Coast Inc.

(Guarantor)

 

Delaware   01-0770800
(State or other jurisdiction of   (I.R.S. employer
incorporation or organization)   identification no.)


Item 1. General Information. Furnish the following information as to the trustee:

 

(a) Name and address of each examining or supervising authority to which it is subject.

 

Comptroller of the Currency,

Treasury Department

Washington, D.C. 20230

 

Federal Deposit Insurance Corporation

Washington, D.C. 20429

 

Federal Reserve Bank of San Francisco

San Francisco, CA 94120

 

(b) Whether it is authorized to exercise corporate trust powers.

 

The trustee is authorized to exercise corporate trust powers.

 

Item 2. Affiliations with the Obligor. If the obligor is an affiliate of the trustee, describe each such affiliation.

 

None with respect to the trustee.

 

No responses are included for Items 3-14 of this Form T-1 because the obligor is not in default as provided under Item 13.

 

Item 15. Foreign Trustee. Not applicable.

 

Item 16. List of Exhibits.

 

Wells Fargo Bank incorporates by reference into this Form T-1 exhibits attached hereto.

 

Exhibit 1.    A copy of the Articles of Association of the trustee now in effect.*
Exhibit 2.    A copy of the Comptroller of the Currency Certificate of Corporate Existence for Wells Fargo Bank, National Association, dated November 28, 2001.*
Exhibit 3.    A copy of the authorization of the trustee to exercise corporate trust powers. A copy of the Comptroller of the Currency Certificate of Corporate Existence (with Fiduciary Powers) for Wells Fargo Bank, National Association, dated November 28, 2001.*
Exhibit 4.    Copy of By-laws of the trustee as now in effect.*
Exhibit 5.    Not applicable.
Exhibit 6.    The consents of United States institutional trustees required by Section 321(b) of the Act.


Exhibit 7.    A copy of the latest report of condition of the trustee published pursuant to law or the requirements of its supervising or examining authority.
Exhibit 8.    Not applicable.
Exhibit 9.    Not applicable.

 

* Incorporated by reference to Exhibit 25.1 to Registration Statement No. 333-87398 filed by Meritage Corp. on May 1, 2002.


SIGNATURE

 

Pursuant to the requirements of the Trust Indenture Act of 1939, as amended, the trustee, Wells Fargo Bank, National Association, a national banking association organized and existing under the laws of the United States of America, has duly caused this statement of eligibility to be signed on its behalf by the undersigned, thereunto duly authorized, all in the City of Fort Worth and State of Texas on the 16th day of August, 2004.

 

WELLS FARGO BANK, NATIONAL ASSOCIATION
By:  

/s/ Melissa Scott

   

Melissa Scott, Vice President


Exhibit 6

 

August 16, 2004

 

Securities and Exchange Commission

Washington, D.C. 20549

 

Gentlemen:

 

In accordance with Section 321(b) of the Trust Indenture Act of 1939, as amended, the undersigned hereby consents that reports of examination of the undersigned made by Federal, State, Territorial, or District authorities authorized to make such examination may be furnished by such authorities to the Securities and Exchange Commission upon its request thereof.

 

Very truly yours,

 

WELLS FARGO BANK, NATIONAL ASSOCIATION

By:  

/s/ Melissa Scott

   

Melissa Scott, Vice President


Exhibit 7

 

Consolidated Report of Condition of

 

Wells Fargo Bank National Association

of 101 North Phillips Avenue, Sioux Falls, SD 57104

And Foreign and Domestic Subsidiaries,

at the close of business March 31, 2004, filed in accordance with 12 U.S.C. §161 for National Banks.

 

          Dollar
Amounts
In Millions


ASSETS

           

Cash and balances due from depository institutions:

           

Noninterest-bearing balances and currency and coin

        $ 13,890

Interest-bearing balances

          6,251

Securities:

           

Held-to-maturity securities

          0

Available-for-sale securities

          27,661

Federal funds sold and securities purchased under agreements to resell:

           

Federal funds sold in domestic offices

          1,436

Securities purchased under agreements to resell

          170

Loans and lease financing receivables:

           

Loans and leases held for sale

          29,359

Loans and leases, net of unearned income

   233,785       

LESS: Allowance for loan and lease losses

   2,629       

Loans and leases, net of unearned income and allowance

          231,156

Trading Assets

          8,314

Premises and fixed assets (including capitalized leases)

          2,787

Other real estate owned

          180

Investments in unconsolidated subsidiaries and associated companies

          284

Customers’ liability to this bank on acceptances outstanding

          69

Intangible assets

           

Goodwill

          7,915

Other intangible assets

          6,871

Other assets

          11,217
         

Total assets

        $ 347,560
         

LIABILITIES

           

Deposits:

           

In domestic offices

        $ 240,660

Noninterest-bearing

   78,496       

Interest-bearing

   162,164       

In foreign offices, Edge and Agreement subsidiaries, and IBFs

          15,087

Noninterest-bearing

   3       

Interest-bearing

   15,084       

Federal funds purchased and securities sold under agreements to repurchase:

           

Federal funds purchased in domestic offices

          18,617

Securities sold under agreements to repurchase

          3,028


     Dollar
Amounts
In Millions


Trading liabilities

     4,973

Other borrowed money

      

(includes mortgage indebtedness and obligations under capitalized leases)

     18,180

Bank’s liability on acceptances executed and outstanding

     69

Subordinated notes and debentures

     4,824

Other liabilities

     9,494
    

Total liabilities

   $ 314,932

Minority interest in consolidated subsidiaries

     70

EQUITY CAPITAL

      

Perpetual preferred stock and related surplus

     0

Common stock

     520

Surplus (exclude all surplus related to preferred stock)

     23,424

Retained earnings

     7,812

Accumulated other comprehensive income

     802

Other equity capital components

     0
    

Total equity capital

     32,558
    

Total liabilities, minority interest, and equity capital

   $ 347,560
    

 

I, James E. Hanson, Vice President of the above-named bank do hereby declare that this Report of Condition has been prepared in conformance with the instructions issued by the appropriate Federal regulatory authority and is true to the best of my knowledge and belief.

 

James E. Hanson

Vice President

 

We, the undersigned directors, attest to the correctness of this Report of Condition and declare that it has been examined by us and to the best of our knowledge and belief has been prepared in conformance with the instructions issued by the appropriate Federal regulatory authority and is true and correct.

 

Howard Atkins

Dave Hoyt                     Directors

John Stumpf