McMoRan Exploration Shares Surge (MMR)
Shares of McMoRan Exploration Co. (NYSE: MMR), a New Orleans, Louisiana-based company engaged in the exploration, development and production of oil and natural gas in the shallow waters of the Gulf of Mexico and onshore in the Gulf Coast area, surged in trading today after the company announced apparent high bids on 14 blocks on the Shelf of the Gulf of Mexico.
MMR shares rose 11.84% to finish the day at $11.15 on above average volume of 3.53 million.
McMoRan Exploration today announced the results of its participation in the Central Gulf of Mexico lease sale 216/222. The sale was conducted by the Bureau of Ocean Energy Management (BOEM) earlier this week in New Orleans.
MMR said that it was the apparent high bidder on a total of 14 lease blocks on the outer Continental Shelf of the Gulf of Mexico. Out of 14 bids, six were sole bids by MMR. The remaining bids were made jointly with Chevron USA Inc.
The company noted that all apparent high bids are reviewed by the BOEM before they can be awarded. In case the BOEM awards the leases to MMR, it will add more than 65,000 gross acres to the company’s leasehold inventory.
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Post Written By: Ed Liston
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.
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