McMoRan Exploration Co. - 2012-08-15

Will exchange up to $68.2 million aggregate principal amount of 5 1/4% Convertible Senior Notes due 2012 for an equal principal amount of newly issued 5 1/4% Convertible Senior Notes due 2013, plus cash in an amount equal to the accrued and unpaid interest on the Existing Notes to and including the Expiration Date. The Bank of New York Mellon Trust Company, N.A. will serve as the exchange agent for the exchange offer.