McMoRan Exploration Co. Declares Quarterly Cash Dividends on Preferred Stocks

  McMoRan Exploration Co. Declares Quarterly Cash Dividends on Preferred
  Stocks

Business Wire

NEW ORLEANS -- October 12, 2012

McMoRan Exploration Co. (NYSE: MMR) today declared the following cash
dividends payable on November 15, 2012 to holders of record as of November 1,
2012 on its preferred stocks:

  *$14.375 per share of MMR’s 5 3/4% Convertible Perpetual Preferred Stock.
  *$20.00 per share of MMR’s 8% Convertible Perpetual Preferred Stock.

McMoRan Exploration Co. is an independent public company engaged in the
exploration, development and production of natural gas and oil in the shallow
waters of the Gulf of Mexico Shelf and onshore in the Gulf Coast area.
Additional information about McMoRan is available on its internet website
“www.mcmoran.com.”

Contact:

McMoRan Exploration Co.
David P. Joint, 504-582-4203