McMoRan Exploration Co. (NYSE: MMR) announced today a successful production test at the Laphroaig No. 2 well in St. Mary Parish, Louisiana. The production test indicated a gross rate of approximately 54 million cubic feet of natural gas per day (MMcf/d) (approximately 15 MMcf/d net to McMoRan) and zero barrels of water on a 30/64th choke with flowing tubing pressure of 9,989 pounds per square inch (PSI). McMoRan will use the results of the production test to determine the optimal flow rate for the well. The well is expected to commence production in the second quarter of 2011 using facilities in the immediate area. McMoRan has a 37.3 percent working interest and a 28.5 percent net revenue interest in the Laphroaig field. EXXI holds an 18.6 percent working interest.
McMoRan Exploration Co. is an independent public company engaged in the exploration, development and production of natural gas and oil in the shallow waters of the GOM Shelf and onshore in the Gulf Coast area. Additional information about McMoRan is available on its internet website “ www.mcmoran.com”.
This press release contains forward-looking statements that involve a number of assumptions, risks and uncertainties that could cause actual results to differ materially from those contained in the forward-looking statements. We caution readers that those statements are not guarantees of future performance or exploration and development success, and our actual exploration experience and future financial results may differ materially from those anticipated, projected or assumed in the forward-looking statements. Such forward-looking statements include, but are not limited to, statements regarding potential production and flow rates and other statements that are not historical facts. No assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what impact they will have on our results of operations or financial condition.
Important factors that can cause actual results to differ materially from the results anticipated by forward-looking statements include, but are not limited to, those associated with unanticipated fluctuations in flow rates of producing wells due to mechanical or operational issues, adverse conditions, such as high temperatures and pressure that could lead to mechanical failures or increased costs, and other factors described in more detail in Part I, Item 1A. "Risk Factors" included in our Annual Report on Form 10-K for the year ended December 31, 2010 filed with the SEC. Investors are cautioned that many of the assumptions upon which our forward-looking statements are based are likely to change after our forward-looking statements are made, including for example the market prices of oil and natural gas, which we cannot control, and production volumes and costs, some aspects of which we may or may not be able to control. Further, we may make changes to our business plans that could or will affect our results. We caution investors that we do not intend to update our forward-looking statements, notwithstanding any changes in our assumptions, changes in our business plans, our actual experience, or other changes, and we undertake no obligation to update any forward-looking statements.
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