McMoRan EXPLORATION CO. ANNOUNCES ADDITIONAL POTENTIAL HYDROCARBON PAY AT EUGENE ISLAND BLOCK 97 NO. 3 THUNDERBOLT.Business Editors NEW ORLEANS--(BUSINESS WIRE)--Nov. 20, 2001 McMoRan Exploration Co. (NYSE NYSE See: New York Stock Exchange :MMR MMR measles-mumps-rubella (vaccine); see measles, mumps, and rubella vaccine live, under vaccine. MMR abbr. measles, mumps, rubella vaccine ) today announced that its Eugene Island Eugene Island is a submerged mountain 70-85 miles off the Louisiana coast in the Gulf of Mexico. The nearby oil field Eugene Island 330 is best known for its unusual depletion profile. According to the article "Sustainable Oil?" by Chris Bennett WorldNetDaily. Block 97 No. 3 exploratory well (Thunderbolt prospect) has encountered an additional sand interval with 94 gross feet (75 feet net) of highly resistive resistive /re·sis·tive/ (re-zis´tiv) pertaining to or characterized by resistance. sands indicating potential hydrocarbons by electric wireline log between 15,098 and 15,192 feet true vertical depth. The well was drilled to a true vertical depth of 16,416 feet (measured depth of 18,302 feet). Production casing will be run over the new pay zone. This additional 75 feet of net pay in the Thunderbolt No. 3 well brings the total net pay in the well to over 300 feet. McMoRan also announced that it has confirmed by electric wireline log approximately 230 net feet of the previously reported net pay zones within a 725-foot section between 14,025 and 14,750 feet true vertical depth. Production casing has already been run over these previously announced pay zones. Because of the shallow water See:
McMoRan holds a 38.0 percent working interest and a 27.4 percent net revenue interest in the Eugene Island 97 No.3 well. Ocean Energy, Inc. (NYSE: OEI OEI Organización de Estados Iberoamericanos (Spanish) OEI Office of Environmental Information OEI One Engine Inoperative OEI Outside Equity Interest OEI Organizational Environment for Integration ), the operator, holds a 35.0 percent working interest; Samedan Oil Corporation, a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Noble Affiliates, Inc. (NYSE: NBL NBL National Basketball League (Australia) NBL National Bicycle League NBL Neutral Buoyancy Laboratory NBL Neuroblastoma NBL New Brunswick Laboratory NBL Not Bloody Likely NBL National Baseball League NBL Nothing But Love ) holds a 25.0 percent working interest; and an individual investor holds the remaining 2.0 percent working interest in the prospect. The Eugene Island 97 discovery is located in 27 feet of water, approximately 25 miles offshore Louisiana in the 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 . McMoRan controls 20,000 acres in the area. As previously reported, McMoRan has also identified a related prospect at a greater depth in the immediate area of Eugene Island Block 97 (Hornung-deep prospect). The Hornung deep prospect has gross unrisked potential of approximately 1.6 trillion cubic feet of natural gas and is expected to be drilled to approximately 21,000 feet during the first half of 2002. McMoRan Exploration Co. is an independent public company engaged in the exploration, development and production of oil and natural gas offshore in the Gulf of Mexico and onshore in the Gulf Coast area; and the purchasing, transporting, terminaling, processing and marketing of sulphur. Additional information about McMoRan is available on our Internet web site ("www.mcmoran.com"). Cautionary Statements: This press release contains forward-looking statements in which we discuss factors that we believe may affect our performance in the future. Forward-looking statements are all statements other than historical facts, such as statements regarding a discovery at Eugene Island 97; future oil and gas drilling and production activities; future oil and gas income. Important factors that might cause future results to differ from these projections include drilling risks, the market value of oil and gas, uncertainties in interpreting engineering data, industry risk and other factors described in our most recent Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. and subsequent Forms 10-Q filed with the SEC. The Securities and Exchange Commission (SEC) permits oil and gas companies, in their filings with the SEC, to disclose only proved reserves proved reserves The quantity of minerals expected to be recoverable under current economic and operating conditions. The amount of proved reserves is important in valuing the stock of a company with significant holdings in natural resources. that a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions. We use certain phrases and terms in this press release, such as "gross unrisked potential" expressed in terms of cubic feet of natural gas, to provide a general indication of our estimate of the relative size of the exploration prospect. Those amounts do not represent proved, probable, or potential reserves. The SEC's guidelines prohibit us from including any estimates of recoverable quantities other than proved oil and gas reserves in filings with the SEC. Our proved oil and gas reserves are disclosed in our Form 10-K filed with the SEC and available from us or on our Internet web site ("www.mcmoran.com"). |
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