SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): February 12, 1999
McMoRan Exploration Co.
Delaware 001-07791 72-1424200
(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification
incorporation or Number)
organization)
1615 Poydras Street
New Orleans, Louisiana 70112
Registrant's telephone number, including area code: (504) 582-4000
Item 5. Other Events.
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The following news release was made by McMoRan Exploration Co. on
February 12, 1999:
NEW ORLEANS, LA., February 12, 1999 -- McMoRan Exploration Co.
(NYSE:MMR) today announced that production began on January 18,
1999, at the Vermilion Block 160 #4 sidetrack well and the
Vermilion Block 159 #3 well. Current combined daily gross
production from these fields is approximately 53 million cubic
feet of gas (MMCF) and 1,760 barrels of condensate. Of the total
rate, the Vermilion Block 160 #4 sidetrack well is producing
approximately 35 MMCF and 1,295 barrels of condensate, and the
Vermilion Block 159 #3 well is producing approximately 18 MMCF
and 465 barrels of condensate.
MMR, as operator, has a 58.4 percent net revenue interest in
the Vermilion Block 160 #4 sidetrack well, subject to a 12.7
percent net profits interest. MMR recently purchased an
additional 10.0 percent net revenue interest in the Vermilion
Block 159 #3 area and currently has a 43.8 percent net revenue
interest in the field. MMR plans to offer a portion of its
recently acquired net revenue interest to its exploration program
partners. Vermilion Blocks 159/160 are located in approximately
100 feet of water, 42 miles offshore Louisiana.
Additionally, MMR announced that current daily gross
production from its Vermilion Block 160 field unit is averaging
approximately 39 MMCF and 980 barrels of condensate. MMR
recently purchased an additional 19.4 percent net revenue
interest in this unit and currently has a 44.9 percent net
revenue interest, subject to an approximate 2.6 percent net
profits interest, in the field. MMR plans to offer a portion of
its recently acquired net revenue interest to certain of its
joint interest partners.
Current combined daily gross production from all of the
above mentioned fields total approximately 92 MMCF and 2,740
barrels of condensate.
MMR 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 mining, purchasing, transporting, terminaling, and
marketing of sulphur. MMR continues to generate prospects and
evaluate farm-in opportunities utilizing its geological and
geophysical experience and expertise through the use of 3-D
seismic data and other state-of-the-art technology.
SIGNATURE
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Pursuant to the requirements of the Securities Exchange Act
of 1934, the registrant has duly caused this report to be signed
on its behalf by the undersigned, thereunto duly authorized.
McMoRan Exploration Co.
By: /s/ C. Donald Whitmire
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C. Donald Whitmire
Vice President & Controller -
Financial Reporting
(authorized signatory)
Date: February 18, 1999