McMoRan Exploration Co. Announces Final Quarterly Cash Dividend on its 6 3/4% Mandatory Convertible Preferred Stock

McMoRan Exploration Co. (NYSE: MMR) today announced that its final cash dividend of $1.6875 per share for its 6¾% Mandatory Convertible Preferred Stock (NYSE: MMRprM, CUSIP No.: 582411500) will be paid upon the automatic conversion into McMoRan’s common stock on the mandatory conversion date of November 15, 2010. There will be no record date for the payment of the final dividend. Only holders of the 6¾% Mandatory Convertible Preferred Stock on the mandatory conversion date of November 15, 2010, will be entitled to receive the final quarterly cash dividend. Holders that voluntarily convert their shares of 6¾% Mandatory Convertible Preferred Stock into shares of McMoRan’s common stock prior to November 15, 2010, will not be entitled to the final quarterly cash dividend. McMoRan currently has approximately $159 million in 6¾% Mandatory Convertible Preferred Stock outstanding.

McMoRan’s 6¾% Mandatory Convertible Preferred Stock automatically converts on November 15, 2010, into between approximately 10.7 million and 12.8 million common shares. The conversion rate depends on the applicable average closing market price of McMoRan's common stock over the 20-trading-day period beginning on October 14, 2010, and ending on November 10, 2010. If the applicable average closing market price of McMoRan's common stock is above $14.88, then the conversion rate per $100 face amount of the preferred stock will be 6.7204. The conversion rate would be 8.0645 if the applicable average closing market price of McMoRan's common stock is below $12.40. For average McMoRan common stock prices greater than or equal to $12.40 and equal to or less than $14.88, the conversion rate will be equal to $100 divided by McMoRan's average closing common stock price during the 20-trading-day period.

McMoRan Exploration Co. is an independent public company engaged in the exploration, development and production of natural gas and oil in the shallow waters of the Gulf of Mexico Shelf and onshore in the Gulf Coast area. Additional information about McMoRan is available on its internet website “www.mcmoran.com”.

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