McMoran Fills Treasure Chest at MMS Sale

McMoRan announced the results of its participation in the Central Gulf of Mexico Lease Sale 213 held by the Minerals Management Service (MMS) on March 17, 2010 in New Orleans, Louisiana. McMoRan submitted apparent high bids on 17 of 19 blocks on the Shelf totaling $9.4 million. Apparent high bids are subject to a review process by the MMS before they can be awarded. If granted, the lease acquisitions would add approximately 75,000 gross acres to McMoRan’s leasehold inventory, which currently approximates one million gross acres, including 140,000 gross acres associated with the ultra-deep gas play.

James R. Moffett, McMoRan's Co-Chairman, said, "We are pleased with the results of this important lease sale which significantly expands our leading ultra-deep acreage position and enables us to build upon our recent success. The 59 percent increase in bids for Shelf tracts compared with the year-ago lease sale is consistent with our view that there is significant hydrocarbon potential in shallow water at deeper depths. After giving effect to McMoRan's apparent high bids, our ultra-deep acreage exceeds 200,000 gross acres and encompasses multiple prospects with multi-Trillion cubic feet of hydrocarbon potential. We look forward to future activities on this acreage as McMoRan leads the way to redefine the geologic potential of the Shelf and this promising new exploration frontier."