Plains Exploration & Production Company (PXP)

[Picassa]

Oil and Gas company McMoRan Exploration Co (MMR.N) and its partner Energy XXI (Bermuda) Ltd (EXXI.O) unveiled a "major" discovery of gas-bearing sands in the Gulf of Mexico, sending their shares higher in early trade.

Energy XXI shares were up 31 percent at $3.42 on Nasdaq, while McMoran surged 25 percent to $25.35 Monday morning on the New York Stock Exchange. Shares of Plains Exploration and Production Co (PXP.N), another company with interests in the well, also rose 5 percent to $33.