McMoRan Exploration Co.( McMoRan) is engaged in the exploration, development and production of oil and natural gas in the shallow waters (less than 500 feet of water) of the Gulf of Mexico and onshore in the Gulf Coast area of the United States. The Company has acreage positions in the shallow waters of the Gulf of Mexico and Gulf Coast areas. Prospects with drilling depths not exceeding 15,000 feet are considered to be traditional shelf prospects. Prospects with drilling depths exceeding 15,000 feet but not exceeding 25,000 feet are considered deep shelf prospects. Prospects with drilling depths below the salt weld (generally at depths exceeding 25,000 feet) are considered ultra-deep shelf prospects. The Company’s oil and gas operations are conducted through McMoRan Oil & Gas LLC (MOXY), its principal operating subsidiary. In June 2013, Freeport-McMoRan Copper & Gold Inc acquired the remaining 64% interest in the Company.