McMoRan Exploration Co. Reports First Oil & Gas Reserves in Sub-Salt, Ultra-Deep Trend

NEW ORLEANS--(BUSINESS WIRE)--McMoRan Exploration Co. (NYSE: MMR) reported today that independent reserve engineers engaged for the sole account of McMoRan estimated proved, probable and possible oil and gas reserves of 546.7 Bcfe gross (141.7 Bcfe net to McMoRan, including 12.9 Bcfe of net proved reserves) associated with interim results from the sands encountered above 24,000 feet in the Lineham Creek ultra-deep exploratory well located onshore South Louisiana. These are the first reserves to be booked in the sub-salt, ultra-deep trend. The well is currently drilling below 27,600 feet to evaluate the deeper primary objectives and has a proposed total depth of 29,000 feet. Development plans will be determined following completion of drilling and evaluation of the deeper objectives.