The Chronicle reports that Houston-based Plains Resources executives are joining Seattle billionaire and Microsoft co-founder Paul Allen to buy out and take private the midstream energy company for about $395 million in cash and the assumption of $50 million in debt. Plains’ board voted in favor of the sweetened $16.75-per-share price, unlike last month when it turned down an earlier offer of $14.25 per share. Plains Resources is Mr. Allen’s first sizable investment in the energy business in general and in pipelines specifically.