McMoRan Exploration Co. (MMR)

[OilStockReport]

That's what I am betting on....

Our business strategy is to create value through exploration activities and to exploit and develop our existing property base. Our technical and operational expertise is primarily in the Gulf of Mexico. We leverage our expertise by attempting to identify exploration opportunities with high potential. Our exploration strategy is focused on the “deep gas play,” drilling to depths of between 15,000 to 25,000 feet in the shallow waters of the Gulf of Mexico and Gulf Coast area and on the "ultra-deep gas play" of depths below 25,000 feet. Deep gas prospects target large structures above the salt weld (i.e. listric fault) in the Deep Miocene. Ultra-deep prospects target objectives below the salt weld in the Miocene and older age sections that have been correlated to those productive sections seen in deepwater discoveries by other industry participants. When we find commercially exploitable oil or natural gas, a significant advantage to our exploration strategy is that the infrastructure to support the production and delivery of product is in most cases already in place and available. We believe this presents us with a material competitive advantage in bringing our discoveries on line and lowering related development costs.