McMoRan To Buy Gulf Exploration Assets For $818M

Law360, New York (September 20, 2010, 4:05 PM ET) -- McMoRan Exploration Co. has agreed to pay about $818 million in stock and cash to buy shallow water exploration rights in the Gulf of Mexico from Plains Exploration & Production Co.

The deal will give McMoRan complete control over the Gulf shelf assets, which it already owns working interests in, the companies said Monday.

Under the terms of the agreement, the New Orleans-based company will pay Plains Exploration $75 million in cash and 51 million shares of its common stock, which was trading at $15.96 a...
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