McMoRan Exploration Co. Commences Offer to Exchange 5 1/4% Convertible Senior Notes due 2012

NEW ORLEANS--(BUSINESS WIRE)--McMoRan Exploration Co. (NYSE: MMR) announced today an offer to exchange up to $68.2 million aggregate principal amount of 5 1/4% Convertible Senior Notes due 2012 (“Existing Notes”) for an equal principal amount of newly issued 5 1/4% Convertible Senior Notes due 2013 (“New Notes”), plus cash in an amount equal to the accrued and unpaid interest on the Existing Notes to and including the Expiration Date (defined below). The $68.2 million represents the total amount of Existing Notes outstanding.