McMoRan completes acquisition of PXP GoM properties

McMoRan Exploration Co. has completed acquisition of Plains Exploration & Production Co.’s shallow-water Gulf of Mexico shelf properties.

Offshore staff

NEW ORLEANS – McMoRan Exploration Co. has completed acquisition of Plains Exploration & Production Co.’s shallow-water Gulf of Mexico shelf properties. The pending deal was reported earlier in the year.

PXP received $86 million in cash and 51 million shares of McMoRan common stock in exchange for all its GoM leases in less than 500 ft (152 m) of water.

12/30/2010

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