Exhibit 99.1

                McMoRan EXPLORATION CO. ANNOUNCES
                PLANS TO SET PRODUCTION CASING AT
        LOUISIANA STATE LEASE 340 (MOUND POINT PROSPECT)

          NEW ORLEANS, LA, August 15, 2001 - McMoRan Exploration Co.
     (NYSE:MMR) today announced that its Louisiana State Lease 340
     (Mound Point) No. 2 exploratory well has reached total depth of
     18,704 feet and has logged a gross 50-foot sand interval between
     18,560 and 18,610 feet which, by wireline log analysis, has been
     interpreted to be potential hydrocarbon bearing accumulation with
     no indicated water level.  In addition to the 50-foot interval at
     18,560 feet, the well also encountered a laminated sand section
     in an interval from 16,890 to 17,275 feet, which, from log
     calculations, could also contain hydrocarbons.   Successful
     completion of the Mound Point No. 2 well will establish our
     ownership rights in approximately 60,000 acres in the area, with
     rights to earn an additional approximately 20,000 acres in the
     adjacent Lighthouse Point and Tiger Shoal prospect areas.
     Additional wells will be needed to evaluate the full potential of
     this area.

          McMoRan and its partners are currently setting production
     casing and the well will be saved for future testing and
     completion.  While completion plans for the Mound Point No. 2 are
     being developed, the drilling rig will be moved approximately 6
     miles to the northwest to drill a 12,500 foot exploratory well at
     the Lighthouse Point prospect, also on Louisiana State Lease 340.
     Because of the shallow water depth (10 feet) and close proximity
     to existing production facilities, the Mound Point No. 2 well
     could be quickly brought on production.

          James R. Moffett, Co-Chairman of McMoRan, said, "This well
     is significant because, if it can be successfully completed, it
     appears to validate our exploration concept for the Mound Point
     area where we predicted that deep gas-productive Miocene sands
     might underlie shallow production in the Mound Point area, one of
     the largest geologic structures in Louisiana.  Mound Point has
     produced approximately 3 TCF from sands above 12,000 feet.
     Immediately below these shallow sands, the deeper Miocene sands
     known as the Robulus L and Operculinoides/Gyroidina, have been
     sparsely drilled in the 500 square mile area held by Texaco for
     over 50 years.   In addition to the two potential hydrocarbon
     bearing sands indicated by log analysis mentioned above, the
     State Lease 340 No. 2 well encountered well-developed wet sands
     from 17,400 to 18,700 feet, which confirms that the deep Miocene
     reservoirs that have been prolifically productive along the
     Louisiana coast exist below the shallower producing reservoirs at
     Mound Point and strongly suggests they may exist in separate
     structures in the Mound Point area and in the adjacent Tiger
     Shoal/Lighthouse Point area."

          McMoRan has a 30.4 percent working interest and a 22.8
     percent net revenue interest in the well.  Texaco Exploration and
     Production Inc. has a 43.0 percent working interest; Samedan Oil
     Corporation, a wholly owned subsidiary of Noble Affiliates Inc.,
     has a 25.0 percent working interest; and an individual investor
     has a 1.6 percent working interest.

          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; and the
     purchasing, transporting, terminaling, processing and
     marketing of sulphur.  Additional information about McMoRan
     is available on our Internet web site ("www.mcmoran.com").

     Cautionary Statement:  This press release contains forward
     looking statements that may affect our future financial
     performance and cash flow.  Forward looking statements are
     all statements other than historical facts such as the
     likelihood that the Mound Point well will be successfully
     completed and produce hydrocarbons in commercial quantities,
     the timing of the completion and the potential for further
     exploration and development of the Mound Point area.
     Important factors that might cause these results to be
     different than disclosed herein include the uncertainties
     inherent in the oil and gas exploration and development
     business; the market value of oil and gas; and other factors
     described in our most recent Form 10-K and subsequent Forms
     10-Q filed with the SEC.