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McMoRan Exploration Co. Reports Second-Quarter/Six-Month 2012 Results

McMoRan Exploration Co. (NYSE: MMR):

  • Ultra-Deep Development Activities
    • In June 2012, successfully perforated 165 feet of Wilcox sands in the Davy Jones No.1 well with electric wireline casing guns. Commenced operations on July 13 to run production tubing and expect to conduct measurable flow test during the week of July 30.
    • Completion and testing of Davy Jones No. 2 expected to commence following review of results from Davy Jones No. 1. As previously reported, Davy Jones No. 2 confirmed 120 net feet of pay in multiple Wilcox sands and also encountered 192 net feet of potential hydrocarbons in the Tuscaloosa and Lower Cretaceous carbonate sections. Davy Jones is located on a 20,000 acre structure that has multiple follow on drilling opportunities.
    • Expect to submit development plans for Blackbeard East and Lafitte with Bureau of Safety and Environmental Enforcement (BSEE) in the third quarter of 2012. Positive drilling results on these structures have identified formations in the Miocene, Oligocene and Eocene.
  • Ultra-Deep Exploration Activities
    • Blackbeard West No. 2
      • Drilling below 21,100 feet with a proposed total depth of 24,500 feet.
      • Set liner after well encountered a high pressure gas flow immediately below the salt weld in May 2012.
      • Targeting Miocene aged sands seen below the salt weld at Blackbeard East.
      • If successful, completion could utilize conventional equipment and technologies.
    • Lineham Creek onshore prospect
      • Drilling below 19,000 feet with a proposed total depth of 29,000 feet. Targeting Eocene/Paleocene objectives below the salt weld.
    • Highlander onshore prospect
      • Acquired exploratory rights to 68,000 gross acre area located in Iberia, St. Martin, Assumption and Iberville Parishes, Louisiana.
      • Expect to commence drilling exploratory well in the second half of 2012.
      • Well has a proposed total depth of 30,000 feet and will target Eocene, Paleocene and Cretaceous objectives seen below the salt weld in the Davy Jones wells.
  • Central Gulf of Mexico Lease Sale 216/222 Results
    • Apparent high bidder on 14 leases, of which six were sole bids and the remaining eight were made jointly with Chevron U.S.A. Inc.
    • This new acreage would enhance McMoRan’s industry leading Shelf sub-salt prospect inventory.
  • Second-quarter 2012 production averaged 140 MMcfe/d net to McMoRan, compared with 197 MMcfe/d in the second quarter of 2011.
  • Average daily production for 2012 is expected to approximate 137 MMcfe/d net to McMoRan, including 135 MMcfe/d in third quarter 2012.
  • Operating cash flows totaled $11.7 million for the second quarter of 2012, net of $9.1 million in working capital uses and $16.0 million in abandonment expenditures.
  • Capital expenditures totaled $147.2 million in the second quarter of 2012.
  • Cash at June 30, 2012 totaled $287.1 million.

McMoRan Exploration Co. (NYSE: MMR) today reported a net loss applicable to common stock of $75.5 million, $0.47 per share, for the second quarter of 2012 compared with a net loss of $50.2 million, $0.32 per share, for the second quarter of 2011.

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