MCMORAN EXPLORATION

McMoRan Exploration Company and Halliburton Company are forming a strategic alliance to explore and develop McMoRan's U.S. Gulf of Mexico lease inventory of 160 blocks covering approximately 750,000 gross acres. Eighty-nine tracts of McMoRan's lease inventory was previously acquired from Texaco and fifty-six were previously purchased from Shell. An organizational structure will be put in place that will use the resources of both companies' personnel and technical consultants. The Halliburton business units providing products and services to this alliance are Halliburton Energy Services, Brown & Root Energy Services and Landmark Graphics. This integrated team will carry out McMoRan's oil and gas activities.
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