McMoRan Exploration Co. Announces Apparent High Bids on 17 Blocks on the Shelf of the Gulf of Mexico
March 17 2010 - 2:46PM
Business Wire
McMoRan Exploration Co. (NYSE: MMR) announced today the results
of its participation in the Central Gulf of Mexico Lease Sale 213
held by the Minerals Management Service (MMS) on March 17, 2010 in
New Orleans, Louisiana. McMoRan submitted apparent high bids on 17
of 19 blocks on the Shelf totaling $9.4 million. Apparent high bids
are subject to a review process by the MMS before they can be
awarded. If granted, the lease acquisitions would add approximately
75,000 gross acres to McMoRan’s leasehold inventory, which
currently approximates one million gross acres, including 140,000
gross acres associated with the ultra-deep gas play.
James R. Moffett, McMoRan’s Co-Chairman, said, "We are
pleased with the results of this important lease sale which
significantly expands our leading ultra-deep acreage position and
enables us to build upon our recent success. The 59 percent
increase in bids for Shelf tracts compared with the year-ago lease
sale is consistent with our view that there is significant
hydrocarbon potential in shallow water at deeper depths.
After giving effect to McMoRan's apparent high bids, our
ultra-deep acreage exceeds 200,000 gross acres and encompasses
multiple prospects with multi-Trillion cubic feet of hydrocarbon
potential. We look forward to future activities on this
acreage as McMoRan leads the way to redefine the geologic potential
of the Shelf and this promising new exploration frontier.”
McMoRan submitted individual apparent high bids on each of the
following blocks:
Block
Prospect
Apparent High Bid
Deep Gas Acreage Eugene Island 153 Blood & Guts $ 135,000
Eugene Island 197 135,000 South Marsh Island 253 Flying Dutchman
250,000 Ultra-deep Acreage Eugene Island 244 Lafitte 205,000 Eugene
Island 289 Captain Blood 1,110,000 South Marsh Island 25 Drake
1,055,000 South Marsh Island 26 Drake 130,000 South Marsh Island 30
Drake 1,055,000 South Marsh Island 81 Barataria 1,055,000 South
Marsh Island 82 Barataria 135,000 Ship Shoal 136 Hook 1,055,000
Ship Shoal 137 Hook 1,055,000 South Timbalier 188 Calico Jack
1,105,000 South Timbalier 78 Bonnet 205,000 South Timbalier 79
Bonnet 510,000 Vermilion 27 England 45,000 Vermilion 37 England
130,000
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 its
internet website “www.mcmoran.com”.
CAUTIONARY STATEMENT: This press
release contains certain forward-looking statements regarding oil
and gas exploration and development and production activities.
Accuracy of these forward-looking statements depends on assumptions
about events that change over time and is thus susceptible to
periodic change based on actual experience and new developments.
McMoRan cautions readers that it assumes no obligation to update
the forward-looking statements in this press release and does not
intend to update the forward-looking statements more frequently
than quarterly. Important factors that might cause future results
to differ from results anticipated by forward-looking statements
include adverse conditions, such as high temperature and pressure,
that could lead to mechanical failures or increased costs;
variations in the market prices of oil and natural gas; drilling
results; unanticipated fluctuations in flow rates of producing
wells; oil and natural gas reserves expectations; the ability to
satisfy future cash obligations and environmental costs; as well as
other general exploration and development risks and hazards. These
and other factors are more fully described in McMoRan’s Annual
Report on Form 10-K for the year ended December 31, 2009, on file
with the Securities and Exchange Commission (SEC).
The SEC requires oil and gas companies,
in their filings with the SEC, to disclose proved reserves that a
company has demonstrated by actual production or conclusive
formation tests to be economically and legally producible under
existing economic and operating conditions. Beginning with year-end
reserves for 2009, the SEC permits oil and gas companies, in their
filings with the SEC, to disclose probable and possible reserves,
as such terms are defined by the SEC. We use certain phrases and
terms, such as "hydrocarbon potential” and “geologic potential,"
which the SEC's guidelines prohibit us from including in filings
with the SEC. “Hydrocarbon potential” and “geologic potential” do
not take into account the certainty of resource recovery, which is
contingent on exploration success, technical improvements in
drilling access, commerciality and other factors, and are therefore
not indicative of expected future resource recovery and should not
be relied upon. We urge you to consider closely the disclosure of
proved reserves included in McMoRan's Annual Report on Form 10-K
for the year ended December 31, 2009.
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