Exhibit 99.1

            McMoRan EXPLORATION CO. COMPLETES SALE OF
           $35 MILLION 5% CONVERTIBLE PREFERRED STOCK

NEW ORLEANS, LA, June 21, 2002 - McMoRan Exploration Co. (NYSE:
MMR) announced today that it has completed a $35 million public
offering of 1.4 million shares of 5% convertible preferred stock.
The net proceeds of approximately $33.5 million from the
offering, after expenses, will be used to repay all outstanding
bank debt and for working capital requirements and other
corporate purposes.

     James R. Moffett, Co-Chairman of McMoRan said, "Completion
of this financing, together with the previously announced sale of
our sulphur business, positions McMoRan as a debt-free company
focused on oil and gas exploration opportunities on our rights to
500,000 gross acres on the shelf of the Gulf of Mexico. Our
recently announced exploration program with El Paso provides
immediate funding for four high-potential shallow-water, deep-gas
exploration prospects while McMoRan retains a significant
reversionary interest in discoveries on these prospects.
Drilling of two of these prospects, Hornung at Eugene Island
Block 108 and JB Mountain at South Marsh Island Block 223, is
currently in progress."

     As previously announced, the 5% convertible preferred stock
provides for a quarterly cash dividend of $0.3125 per share
($1.25 per share annually).  Each $25 share is convertible at the
option of the holder into 5.1975 shares of common stock,
equivalent to $4.81 per share of common stock, reflecting a 20
percent premium over MMR's closing price on June 17, 2002.  The
company may not call the preferred stock for redemption before
June 30, 2007 and the shares have a mandatory redemption date of
June 30, 2012.

     Hibernia Southcoast Capital was the underwriter for the
offering.

      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. Additional information about McMoRan is
available on our web site mcmoran.com.