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.
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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