McMoRan Exploration Co. Announces Apparent High Bids on 14 Blocks on the Shelf of the Gulf of Mexico

McMoRan Exploration Co.

announced today the results of its participation in the Central Gulf of Mexico Lease Sale 216/222 held by the Bureau of Ocean Energy Management (BOEM) on June 20, 2012 in New Orleans, Louisiana. McMoRan was the apparent high bidder on a total of 14 lease blocks on the outer Continental Shelf of the Gulf of Mexico. Six of the 14 bids were sole bids by McMoRan and the remaining eight apparent high bids were made jointly with Chevron U.S.A. Inc. McMoRan will pay approximately $3.1 million in bonuses for the leases.