FM PROPERTIES INC. ANNOUNCES SALE OF OIL AND GAS INTERESTS TO McMoRan OIL & GAS CO.NEW ORLEANS--(BUSINESS WIRE)--Sept. 3, 1997--FM Properties Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : FMPO) and McMoRan Oil & Gas Co. (NASDAQ: MOXY) announced today that MOXY has purchased for $4.5 million all of the oil and gas interests owned by FMPO. These properties are located in the offshore Gulf of Mexico Noun 1. Gulf of Mexico - an arm of the Atlantic to the south of the United States and to the east of Mexico Golfo de Mexico Atlantic, Atlantic Ocean - the 2nd largest ocean; separates North and South America on the west from Europe and Africa on the east and in various onshore areas of the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . Proceeds from this sale will be used by FMPO to reduce its indebtedness and will be recorded as a gain. Freeport-McMoRan Resource Partners (NYSE NYSE See: New York Stock Exchange :FRP FRP Fremskrittspartiet (Norwegian: Progress Party; political party) FRP Fiberglass-Reinforced Plastic FRP Fiber Reinforced Polymer FRP Fibre Reinforced Polymer FRP Fleet Response Plan (US Navy) ) joined MOXY in the acquisition of interests in three exploration properties which represented $3 million of the total $4.5 million acquisition price. These three interests, which had no revenues in 1996, will be included in the current exploration program between MOXY and FRP, with MOXY bearing 40 percent and FRP bearing 60 percent of the $3 million costs. As a result, MOXY's net share of the total $4.5 million acquisition cost paid to FMPO is $2.7 million and FRP's share is $1.8 million. Oil and gas revenues generated by the producing properties acquired by MOXY totaled $1.4 million in 1996, although a single property which generated $0.7 million in 1996 ceased production in the second quarter of 1997. MOXY is an independent oil and gas company engaged in the exploration, development and production of oil and natural gas reserves offshore in the Gulf of Mexico and onshore in the Gulf Coast area. The company continues to generate prospects and evaluate farm- in opportunities utilizing its geological and geophysical expertise through the use of 3-D seismic data and state-of-the art technology. FRP is engaged in the production and sale of phosphate fertilizers and animal feed ingredients as well as the mining and sale of phosphate rock phosphate rock n. Any of various rocks composed largely of phosphate minerals, especially apatite, used as fertilizer and as a source of phosphorous compounds. through IMC-Agrico Company, the mining, transporting, terminalling and marketing of sulphur, and the exploration for, development and production of oil and gas reserves. FMPO is engaged in the development and marketing of real estate in the Austin, Dallas, Houston and San Antonio, Texas “San Antonio” redirects here. For other uses, see San Antonio (disambiguation). San Antonio is the second most populous city in Texas, the third most populous metropolitan area in Texas, and is the seventh most populous city in the United States. As of the 2006 U.S. areas. CONTACT: FM Properties Inc., New Orleans Christopher D. Sammons, 504/582-4474 or McMoRan Oil & Gas Co., New Orleans Craig E. Saporito, 504/582-4476 |
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