MCMORAN EXPLORATION CO. ANNOUNCES
     EXTENSION OF SULPHUR UNIT CREDIT FACILITY MATURITY AND
                PROGRESS ON TRANSACTION WITH OSFI

NEW ORLEANS, LA, March 11, 2002 - McMoRan Exploration Co.
(NYSE:MMR) today announced that its wholly owned subsidiary,
Freeport-McMoRan Sulphur LLC (FSC), and the banks participating
in its bank credit facility have agreed to extend the maturity of
the facility.  Following documentation now being completed by its
banks, FSC anticipates the facility will be extended through
April 3, 2002, with a further extension through May 31, 2002,
upon the completion of a purchase and sale agreement for its
sulphur transportation and logistics assets.

     As previously announced, FSC is pursuing the establishment
of a new sulphur services joint venture which would acquire FSC's
sulphur transportation and logistics assets.  FSC would use the
proceeds from the joint venture's purchase of its assets to repay
borrowings outstanding under its bank credit facility, which
currently total $57 million.  Availability under the credit
facility is $58.5 million.

     FSC's recent progress in completing long-term, service
agreements representing approximately 60 percent of the joint
venture's initial targeted business activities is an important
positive development for the completion of the joint venture
formation.  These contracts would generate annual revenues of
approximately $27 million during the initial three years of the
joint venture's operations, $21 million of revenues for years
four through seven and $14 million for years eight through ten.
FSC has made significant progress in recent discussions with
several potential acquirers of its assets and in establishing
attractive financing for the joint venture including the recently
approved Industrial Revenue Bonds.  FSC is working with a group
of commercial banks to provide credit support required for the
issuance of the bonds and is also pursuing opportunities that
would provide tax exempt financing for the joint venture.

     McMoRan also separately announced today that it is
proceeding with its previously announced agreement with Offshore
Specialty Fabricators Inc. (OSFI) to convey all of FSC's rights,
title and interest in its Main Pass 299 sulphur and oil leases
and other consideration, including the living quarters removed
last year from Main Pass 299, a marine vessel and a base at
Venice, Louisiana.  OSFI has agreed to reclaim the Main Pass 299
facilities and the inactive platform at the Caminada mine/ Grand
Isle site.  FSC has received lender consent for the transaction
and approvals from its Caminada partner.  This transaction would
satisfy all reclamation requirements, estimated to be
approximately $45 million, for FSC to Minerals Management
Services (MMS) in the offshore Gulf of Mexico.  OSFI has begun
initial abandonment work at Caminada and expects to complete the
work in the second quarter.

     Because of the progress in completing the transaction with
OSFI, MMS has extended the time for FSC to satisfy the bonding
requirements from March 5, 2002 to June 27, 2002 to allow for
completion of the OSFI transaction.

     In addition, McMoRan is engaged in positive discussions
which it anticipates will result in additional capital for its
future oil and gas exploration activities.

     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.  Forward-looking statements are all
statements other than historical facts, including statements
regarding plans and objectives of management for future
operations, formation and future estimated revenues of the
sulphur services joint venture, the OSFI transaction, and
future financing activities.  Important factors that could
cause actual results to differ materially from our
expectations include the ability to form the proposed
sulphur services joint venture and generate the estimated
revenues, the ability to extend the maturity of the sulphur
bank credit facility further or to repay the obligation, the
ability to close the OSFI transaction, the ability of the
OSFI transaction to satisfy MMS bonding requirements, the
availability of financing, the ability to satisfy future
cash obligations and other factors described in our most
recent Form 10-K and subsequent Forms 10-Q filed with the
SEC.