MMR Mcmoran Exploration Company

McMoRan Exploration Co. (NYSE:MMR) today declares, for the period from April 1, 2006 through June 30, 2006, a cash dividend of $0.3125 per share payable on June 30, 2006 to holders of record as of June 15, 2006 for its 5% convertible preferred stock (OTCBB: MMREP). 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. McMoRan is also pursuing plans for the development of the Main Pass Energy Hub(TM) which will be used for the receipt and processing of liquefied natural gas and the storage and distribution of natural gas. Additional information about McMoRan and the Main Pass Energy Hub(TM) project is available on its internet websites "www.mcmoran.com" and "www.mpeh.com".