UNITED STATES
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):  September 6, 2012


McMoRan Exploration Co.
(Exact name of registrant as specified in its charter)


Delaware
 
001-07791
 
72-1424200
(State or other jurisdiction of incorporation)
 
(Commission File Number)
 
(IRS Employer Identification Number)

1615 Poydras Street
 
New Orleans, Louisiana
70112
(Address of principal executive offices)
(Zip Code)

Registrant's telephone number, including area code:  (504) 582-4000

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))


 
 

 
 
Item 8.01  Other Events.
 
McMoRan Exploration Co. (McMoRan) has agreed to sell three Gulf of Mexico Shelf oil and gas properties in the West Delta and Mississippi Canyon areas to Renaissance Offshore, LLC for cash consideration of $28.0 million and the assumption of related abandonment obligations.  The properties represent approximately 1% of McMoRan’s total second quarter 2012 average daily production and 3% of McMoRan’s total estimated reserves at June 30, 2012.  Independent reserve estimates of proved reserves at June 30, 2012, totaled approximately 942,000 barrels of oil and 1.7 billion cubic feet of natural gas (7.4 billion cubic feet of natural gas equivalents).  The transaction is subject to customary closing conditions and, upon closing, will be effective July 1, 2012.  Closing is expected to occur in the fourth quarter of 2012.

 

 
 

 


SIGNATURE


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 hereunto duly authorized.

 
McMoRan Exploration Co.
   
By:
/s/   Nancy D. Parmelee
 
Nancy D. Parmelee
 
Senior Vice President, Chief Financial Officer
 
and Secretary
 
(authorized signatory and Principal
 
Financial Officer)
   
Date:  September 7, 2012