McMoran to target deep gas in 2007

Offshore staff

NEW ORLEANS -- McMoran plans to participate in eight to ten exploration wells this year targeting deep Miocene objectives in the shallow water Gulf of Mexico and Gulf Coast areas.

"During 2006, we continued to pursue our focused strategy of targeting deep Miocene exploration prospects while adding to our production from past successes," says James Moffett and Richard Adkerson, McMoran co-chairmen.

"We will continue these efforts during 2007 to expose our shareholders to values we believe are available through drilling high impact wells in our focused exploration areas."

In 4Q 2006, McMoran entered into an exploration agreement with Plains E&P Co. whereby Plains will participate in up to nine of McMoran's deep Miocene exploration prospects for 60% of its interest.

01/19/2007