McMoRan Exploration Co. Declares Quarterly Cash Dividend on Mandatory Convertible...

McMoRan Exploration Co. Declares Quarterly Cash Dividend on Mandatory Convertible Preferred Stock

NEW ORLEANS--(Business Wire)--McMoRan Exploration Co. today declares, for the period from
November 7, 2007 through February 15, 2008, a cash dividend of $1.8375
per share payable on February 15, 2008 to holders of record as of
February 1, 2008 for its 6.75% mandatory convertible preferred stock
(NYSE: MMRPrM). This dividend of $1.8375 per share includes the
regular quarterly dividend of $1.6875 per share plus $0.15 per share
for the eight-day period from November 7, 2007 to November 15, 2007.

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.
McMoRan is also pursuing plans for the development of the MPEH(TM)
which will be used for the receipt and processing of liquefied natural
gas and the storage and distribution of natural gas. Additional
information about McMoRan and the MPEH(TM) project is available on its
internet website "www.mcmoran.com" and at "www.mpeh.com".

McMoRan Exploration Co.
Financial Contact:
David P. Joint, 504-582-4203
or
Media Contact:
William L. Collier, 504-582-1750

Copyright Business Wire 2008