McMoRan Exploration Co. Announces Successful Production Test at Laphroaig No. 2
April 13 2011 - 9:00AM
Business Wire
McMoRan Exploration Co. (NYSE: MMR) announced today a successful
production test at the Laphroaig No. 2 well in St. Mary Parish,
Louisiana. The production test indicated a gross rate of
approximately 54 million cubic feet of natural gas per day (MMcf/d)
(approximately 15 MMcf/d net to McMoRan) and zero barrels of water
on a 30/64th choke with flowing tubing pressure of 9,989 pounds per
square inch (PSI). McMoRan will use the results of the production
test to determine the optimal flow rate for the well. The well is
expected to commence production in the second quarter of 2011 using
facilities in the immediate area. McMoRan has a 37.3 percent
working interest and a 28.5 percent net revenue interest in the
Laphroaig field. EXXI holds an 18.6 percent working interest.
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 GOM Shelf 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
forward-looking statements that involve a number of assumptions,
risks and uncertainties that could cause actual results to differ
materially from those contained in the forward-looking statements.
We caution readers that those statements are not guarantees of
future performance or exploration and development success, and our
actual exploration experience and future financial results may
differ materially from those anticipated, projected or assumed in
the forward-looking statements. Such forward-looking statements
include, but are not limited to, statements regarding potential
production and flow rates and other statements that are not
historical facts. No assurances can be given that any of the events
anticipated by the forward-looking statements will transpire or
occur, or if any of them do so, what impact they will have on our
results of operations or financial condition. Important factors
that can cause actual results to differ materially from the results
anticipated by forward-looking statements include, but are not
limited to, those associated with unanticipated fluctuations in
flow rates of producing wells due to mechanical or operational
issues, adverse conditions, such as high temperatures and pressure
that could lead to mechanical failures or increased costs, and
other factors described in more detail in Part I, Item 1A. "Risk
Factors" included in our Annual Report on Form 10-K for the year
ended December 31, 2010 filed with the SEC. Investors are cautioned
that many of the assumptions upon which our forward-looking
statements are based are likely to change after our forward-looking
statements are made, including for example the market prices of oil
and natural gas, which we cannot control, and production volumes
and costs, some aspects of which we may or may not be able to
control. Further, we may make changes to our business plans that
could or will affect our results. We caution investors that we do
not intend to update our forward-looking statements,
notwithstanding any changes in our assumptions, changes in our
business plans, our actual experience, or other changes, and we
undertake no obligation to update any forward-looking
statements.
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