McMoRan Declares Dividend on Preferred Stock

McMoRan Exploration Co. declares, for the period from October 1, 2006 through December 31, 2006, a cash dividend of $0.3125 per share payable on December 31, 2006 to holders of record as of December 15, 2006 for its 5% convertible preferred stock (OTCBB: MMREP).

McMoRan Exploration Co. is an independent public company engaged in the exploration, development and production of oil and natural gas offshore in the Gulf of Mexico and onshore in the Gulf Coast area. McMoRan is also pursuing plans for the development of the MPEH(TM) which will be used for the receipt and processing of liquefied natural gas and the storage and distribution of natural gas.