McMoRan Touts 'Sizable Reserves' at Sub-Salt, Ultra-Deep Trend

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McMoRan Exploration Co. reported Wednesday that independent reserve engineers engaged for the sole account of McMoRan estimated proved, probable and possible oil and gas reserves of 546.7 billion cubic feet equivalent (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.

Co-Chairman, CEO and President of McMoRan James R. Moffett said, "These are the first of what we hope will be sizable reserves from the sub-salt, ultra deep trend onshore and in the shallow waters of the Gulf of Mexico. Indications of hydrocarbons shallower than 24,000 feet have positive implications for additional targets on trend within our portfolio. We look forward to results from ongoing drilling activities on the Lineham Creek structure and from the onshore Lomond North exploratory prospect currently being drilled."

Lineham Creek is located onshore in Cameron Parish, Louisiana. Chevron U.S.A. Inc., as operator of the well, holds a 50 percent working interest. McMoRan is participating for a 36 percent working interest. Other working interest owners include Energy XXI (9.0%) and W. A. "Tex" Moncrief Jr. (5.0%).

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