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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>UNITED
      STATES</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>SECURITIES
      AND EXCHANGE COMMISSION</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>Washington,
      D.C.&#160;&#160;20549</strong></font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 18pt; FONT-FAMILY: Times New Roman;"><strong>FORM
      8-K</strong></font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>CURRENT
      REPORT</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>Pursuant
      to Section 13 OR 15(d) of The Securities Exchange Act of
      1934</strong></font></div>
    <div><br></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><strong>Date
      of Report (Date of earliest event reported):&#160;&#160;August 6,
      2007</strong></font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><img src="mmr_logo.jpg" alt=""></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 18pt; FONT-FAMILY: Times New Roman;"><strong>McMoRan
      Exploration Co.</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">(Exact
      name of registrant as specified in its charter)</font></div>
    <div><br></div>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><strong>Delaware</strong></font></div>
            </td>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td valign="top" width="18%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><strong>001-07791</strong></font></div>
            </td>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td valign="top" width="18%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><strong>72-1424200</strong></font></div>
            </td>
          </tr>
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            <td valign="top" width="18%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">(State
                or other jurisdiction of incorporation)</font></div>
            </td>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td valign="top" width="18%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">(Commission
                File Number)</font></div>
            </td>
            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
            <td valign="top" width="18%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">(IRS
                Employer Identification Number)</font></div>
            </td>
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      </table>
    </div>
    <div><br></div>
    <div>
      <table cellpadding="0" cellspacing="0" width="100%">

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            <td valign="top" width="36%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><strong>1615
                Poydras Street</strong></font></div>
            </td>
            <td valign="top" width="36%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">&#160;</font></td>
          </tr>
          <tr>
            <td valign="top" width="36%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><strong>New
                Orleans, Louisiana</strong></font></div>
            </td>
            <td valign="top" width="36%">
              <div align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;"><strong>70112</strong></font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="36%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">(Address
                of principal executive offices)</font></div>
            </td>
            <td valign="top" width="36%">
              <div align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman;">(Zip
                Code)</font></div>
            </td>
          </tr>

      </table>
    </div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Registrant's
      telephone number, including area code:&#160;&#160;(504) 582-4000</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Check
      the
      appropriate box below if the Form 8-K filing is intended to simultaneously
      satisfy the filing obligation of the registrant under any of the following
      provisions:</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">[
      ]
      Written communications pursuant to Rule 425 under the Securities Act (17 CFR
      230.425)</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">[
      ]
      Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
      240.14a-12)</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">[
      ]
      Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
      Act
      (17 CFR 240.14d-2(b))</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">[
      ]
      Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
      Act
      (17 CFR 240.13e-4(c))</font></div>
    <div><br></div><br>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Item
        1.01.&#160;&#160;<u>Entry into a Material Definitive Agreement.</u></font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">On
        August
        6, 2007, McMoRan Exploration Co. (&#8220;McMoRan&#8221;) entered into an Amended and
        Restated Credit Agreement among McMoRan, as parent, McMoRan Oil &amp; Gas LLC
        (&#8220;MOXY&#8221;), as borrower, JPMorgan Chase Bank, N.A., as administrative agent,
        Merrill Lynch Capital, a division of Merrill Lynch Business Financial Services,
        Inc., as syndication agent, BNP Paribas, as documentation agent, and other
        financial institutions as lenders (the &#8220;Amended and Restated Credit
        Agreement&#8221;).&#160;&#160;The Amended and Restated Credit Agreement provides for a
        five-year, $700 million senior secured revolving credit facility (the &#8220;Credit
        Facility&#8221;).&#160;&#160;The amount drawn under this Credit Facility may not
        exceed the lesser of a borrowing base (determined using the present value
        of the
        company&#8217;s oil and gas properties as set forth in a reserve report prepared
        either by McMoRan or independent petroleum engineers) and the maximum aggregate
        commitments provided by lenders.&#160;&#160;The initial borrowing base has been
        set at $700 million.&#160;&#160;The borrowing base will be redetermined
        semi-annually on April 1 and October 1 of each year, provided that the initial
        redetermination date will be November 1, 2007.</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">As
        a
        condition precedent to borrowing under the Credit Facility, MOXY was required
        to
        hedge 80 percent of its reasonably estimated projected crude oil and natural
        gas
        production from its proved developed producing oil and gas properties as
        determined by reference to an initial reserve report for the years 2008 through
        2010.&#160;&#160;The Amended and Restated Credit Agreement also contains
        representations and affirmative and negative covenants, and other restrictions
        customary for oil and gas borrowing base credit facilities.&#160;&#160;McMoRan
        must also maintain certain leverage and secured leverage ratios and a current
        ratio under the Credit Facility.&#160;&#160;The Credit Facility matures on
        August 6, 2012, and is subject to reductions in the commitment of $60 million
        per quarter beginning in the fourth quarter of 2007 through the fourth quarter
        of 2008 ($300 million in aggregate).</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">The
        Credit Facility is secured by (1) substantially all of the oil and gas related
        properties (including related proved oil and natural gas reserves) of MOXY
        and
        (2) the pledge by McMoRan of its ownership interests in MOXY and by MOXY
        of its
        ownership interests in each of its wholly owned subsidiaries.&#160;&#160;The
        Credit Facility is further guaranteed by McMoRan and each of MOXY&#8217;s wholly owned
        subsidiaries.</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">On
        August
        6, 2007, McMoRan also entered into a Credit Agreement among McMoRan, as
        borrower, JPMorgan Chase Bank, N.A., as administrative agent, Merrill Lynch
        Capital Corporation, as syndication agent, and the lenders party thereto
        (the
&#8220;Bridge Agreement&#8221;).&#160;&#160;The Bridge Agreement provides for an $800
        million unsecured term loan facility.&#160;&#160;After one year, the obligations
        under the Bridge Agreement may be converted by the lenders into Exchange
        Notes,
        with a final maturity of seven years from the closing date.&#160;&#160;The
        Bridge Agreement contains customary representations and affirmative and negative
        covenants.&#160;&#160;If the Bridge Agreement remains outstanding for 120 days,
        the lenders are entitled to receive a second lien in the collateral securing
        the
        Amended and Restated Credit Agreement.&#160;&#160;The Credit Facility also
        contains requirements to make mandatory prepayments in certain cases, including
        with excess cash flow generated beginning January 1, 2008 to the extent not
        otherwise used to prepay the Credit Facility.&#160;&#160;McMoRan expects to
        issue long-term notes, equity and equity-linked securities to replace the
        interim bridge loan facility.</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">The
        proceeds of the financing arrangements are being used to fund MOXY&#8217;s acquisition
        of substantially all of the property interests and related assets and
        obligations of Newfield Exploration Company (&#8220;NFX&#8221;) on the outer continental
        shelf of the Gulf of Mexico, repay McMoRan&#8217;s existing $100 million senior
        secured term loan and provide for continuing working capital
        requirements.</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Item
        2.01.&#160;&#160;<u>Completion of Acquisition or Disposition of
        Assets.</u></font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">On
        August
        6, 2007, MOXY, a wholly owned subsidiary of McMoRan completed the acquisition
        of
        substantially all of the proved property interests and related assets of
        NFX on
        the outer continental shelf of the Gulf of Mexico for approximately $1.08
        billion in cash and the assumption of the related reclamation
        obligations.&#160;&#160;The acquisition also includes 50 percent of NFX&#8217;s
        interests in nonproducing exploration leases and certain of NFX&#8217;s interests in
        leases associated with the Treasure Island ultra deep gas prospect
        inventory.&#160;&#160;The acquisition has an effective date of July 1,
        2007.&#160;&#160;A copy of the press release announcing the completion
        of&#160;&#160;the acquisition of the Gulf of Mexico shelf properties from NFX is
        attached hereto as Exhibit 99.1.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Item
      2.03.&#160;&#160;<u>Creation of a Direct Financial Obligation or an Obligation
      under an Off-Balance Sheet Arrangement.</u></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">See
        Item
        1.01 which is incorporated herein by reference.</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Item
        9.01&#160;&#160;<u>Financial Statements and Exhibits</u></font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Financial
        Statements of Businesses Acquired.</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">The
        financial information required under this Item 9.01(a) will be filed in an
        amendment to this Current Report on Form 8-K within 5 to 7 business days,
        but in
        no event later than 71 calendar days after the date hereof, as permitted
        by Item
        9.01(a)(4) of Form 8-K.</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Pro
        Forma Financial Information.</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">The
        financial information required under this Item 9.01(b) will be filed in an
        amendment to this Current Report on Form 8-K within 5 to 7 business days,
        but in
        no event later than 71 calendar days after the date hereof, as permitted
        by Item
        9.01(b)(2) of Form 8-K.</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Exhibits.</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">The
        Exhibit included as part of this Current Report is listed in the attached
        Exhibit Index.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">SIGNATURE</font></div>
    <div><br></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Pursuant
      to the requirements of the Securities Exchange Act of 1934, the registrant
      has
      duly caused this report to be signed on its behalf by the undersigned hereunto
      duly authorized.</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 216pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">McMoRan
      Exploration Co.</font></div>
    <div><br></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 216pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">By:
      /s/
      C. Donald Whitmire, Jr.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 225pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">----------------------------------------</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 234pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">C.
      Donald
      Whitmire, Jr.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 234pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Vice
      President and Controller -</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 234pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Financial
      Reporting</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 234pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">(authorized
      signatory and</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 234pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Principal
      Accounting Officer)</font></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Date:&#160;&#160;August
      10, 2007</font></div>
    <div>&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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        <div style="WIDTH: 100%; TEXT-ALIGN: center">
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    <div>&#160;</div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">McMoRan
      Exploration Co.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Exhibit
      Index</font></div>
    <div><br></div>
    <div><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><u>Exhibit
      Number</u></font></div>
    <div>&#160;</div>
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            <tr valign="top">
              <td align="right" style="WIDTH: 36pt">
                <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;"><a href="ex99_1.htm">99.1</a>&#160;&#160;</font></div>
              </td>
              <td>
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;">Press
                  Release dated August 6, 2007, titled &#8220;McMoRan Exploration Co. Completes
                  Acquisition of Gulf of Mexico Shelf Properties from Newfield Exploration
                  Company for $1.1
                  Billion.&#8221;</font></div>
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[{"type": "8-K", "sequence": "1", "filename": "mmr8k-80607.htm", "description": "MMR FORM 8-K 8-06-07", "secsgml_size_bytes": 27217}]
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mmr8k-80607.htm
UNITED
      STATES
SECURITIES
      AND EXCHANGE COMMISSION
Washington,
      D.C.  20549
FORM
      8-K
CURRENT
      REPORT
Pursuant
      to Section 13 OR 15(d) of The Securities Exchange Act of
      1934
Date
      of Report (Date of earliest event reported):  August 6,
      2007
McMoRan
      Exploration Co.
(Exact
      name of registrant as specified in its charter)
Delaware
001-07791
72-1424200
(State
                or other jurisdiction of incorporation)
(Commission
                File Number)
(IRS
                Employer Identification Number)
1615
                Poydras Street
New
                Orleans, Louisiana
70112
(Address
                of principal executive offices)
(Zip
                Code)
Registrant's
      telephone number, including area code:  (504) 582-4000
Check
      the
      appropriate box below if the Form 8-K filing is intended to simultaneously
      satisfy the filing obligation of the registrant under any of the following
      provisions:
[
      ]
      Written communications pursuant to Rule 425 under the Securities Act (17 CFR
      230.425)
[
      ]
      Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
      240.14a-12)
[
      ]
      Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
      Act
      (17 CFR 240.14d-2(b))
[
      ]
      Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
      Act
      (17 CFR 240.13e-4(c))
Item
        1.01.
Entry into a Material Definitive Agreement.
On
        August
        6, 2007, McMoRan Exploration Co. ("McMoRan") entered into an Amended and
        Restated Credit Agreement among McMoRan, as parent, McMoRan Oil & Gas LLC
        ("MOXY"), as borrower, JPMorgan Chase Bank, N.A., as administrative agent,
        Merrill Lynch Capital, a division of Merrill Lynch Business Financial Services,
        Inc., as syndication agent, BNP Paribas, as documentation agent, and other
        financial institutions as lenders (the "Amended and Restated Credit
        Agreement").  The Amended and Restated Credit Agreement provides for a
        five-year, $700 million senior secured revolving credit facility (the "Credit
        Facility").  The amount drawn under this Credit Facility may not
        exceed the lesser of a borrowing base (determined using the present value
        of the
        company's oil and gas properties as set forth in a reserve report prepared
        either by McMoRan or independent petroleum engineers) and the maximum aggregate
        commitments provided by lenders.  The initial borrowing base has been
        set at $700 million.  The borrowing base will be redetermined
        semi-annually on April 1 and October 1 of each year, provided that the initial
        redetermination date will be November 1, 2007.
As
        a
        condition precedent to borrowing under the Credit Facility, MOXY was required
        to
        hedge 80 percent of its reasonably estimated projected crude oil and natural
        gas
        production from its proved developed producing oil and gas properties as
        determined by reference to an initial reserve report for the years 2008 through
        2010.  The Amended and Restated Credit Agreement also contains
        representations and affirmative and negative covenants, and other restrictions
        customary for oil and gas borrowing base credit facilities.  McMoRan
        must also maintain certain leverage and secured leverage ratios and a current
        ratio under the Credit Facility.  The Credit Facility matures on
        August 6, 2012, and is subject to reductions in the commitment of $60 million
        per quarter beginning in the fourth quarter of 2007 through the fourth quarter
        of 2008 ($300 million in aggregate).
The
        Credit Facility is secured by (1) substantially all of the oil and gas related
        properties (including related proved oil and natural gas reserves) of MOXY
        and
        (2) the pledge by McMoRan of its ownership interests in MOXY and by MOXY
        of its
        ownership interests in each of its wholly owned subsidiaries.  The
        Credit Facility is further guaranteed by McMoRan and each of MOXY's wholly owned
        subsidiaries.
On
        August
        6, 2007, McMoRan also entered into a Credit Agreement among McMoRan, as
        borrower, JPMorgan Chase Bank, N.A., as administrative agent, Merrill Lynch
        Capital Corporation, as syndication agent, and the lenders party thereto
        (the
"Bridge Agreement").  The Bridge Agreement provides for an $800
        million unsecured term loan facility.  After one year, the obligations
        under the Bridge Agreement may be converted by the lenders into Exchange
        Notes,
        with a final maturity of seven years from the closing date.  The
        Bridge Agreement contains customary representations and affirmative and negative
        covenants.  If the Bridge Agreement remains outstanding for 120 days,
        the lenders are entitled to receive a second lien in the collateral securing
        the
        Amended and Restated Credit Agreement.  The Credit Facility also
        contains requirements to make mandatory prepayments in certain cases, including
        with excess cash flow generated beginning January 1, 2008 to the extent not
        otherwise used to prepay the Credit Facility.  McMoRan expects to
        issue long-term notes, equity and equity-linked securities to replace the
        interim bridge loan facility.
The
        proceeds of the financing arrangements are being used to fund MOXY's acquisition
        of substantially all of the property interests and related assets and
        obligations of Newfield Exploration Company ("NFX") on the outer continental
        shelf of the Gulf of Mexico, repay McMoRan's existing $100 million senior
        secured term loan and provide for continuing working capital
        requirements.
Item
        2.01.
Completion of Acquisition or Disposition of
        Assets.
On
        August
        6, 2007, MOXY, a wholly owned subsidiary of McMoRan completed the acquisition
        of
        substantially all of the proved property interests and related assets of
        NFX on
        the outer continental shelf of the Gulf of Mexico for approximately $1.08
        billion in cash and the assumption of the related reclamation
        obligations.  The acquisition also includes 50 percent of NFX's
        interests in nonproducing exploration leases and certain of NFX's interests in
        leases associated with the Treasure Island ultra deep gas prospect
        inventory.  The acquisition has an effective date of July 1,
        2007.  A copy of the press release announcing the completion
        of  the acquisition of the Gulf of Mexico shelf properties from NFX is
        attached hereto as Exhibit 99.1.
Item
      2.03.
Creation of a Direct Financial Obligation or an Obligation
      under an Off-Balance Sheet Arrangement.
See
        Item
        1.01 which is incorporated herein by reference.
Item
        9.01
Financial Statements and Exhibits
(a)           Financial
        Statements of Businesses Acquired.
The
        financial information required under this Item 9.01(a) will be filed in an
        amendment to this Current Report on Form 8-K within 5 to 7 business days,
        but in
        no event later than 71 calendar days after the date hereof, as permitted
        by Item
        9.01(a)(4) of Form 8-K.
(b)           Pro
        Forma Financial Information.
The
        financial information required under this Item 9.01(b) will be filed in an
        amendment to this Current Report on Form 8-K within 5 to 7 business days,
        but in
        no event later than 71 calendar days after the date hereof, as permitted
        by Item
        9.01(b)(2) of Form 8-K.
(d)           Exhibits.
The
        Exhibit included as part of this Current Report is listed in the attached
        Exhibit Index.
SIGNATURE
Pursuant
      to the requirements of the Securities Exchange Act of 1934, the registrant
      has
      duly caused this report to be signed on its behalf by the undersigned hereunto
      duly authorized.
McMoRan
      Exploration Co.
By:
      /s/
      C. Donald Whitmire, Jr.
----------------------------------------
C.
      Donald
      Whitmire, Jr.
Vice
      President and Controller -
Financial
      Reporting
(authorized
      signatory and
Principal
      Accounting Officer)
Date:  August
      10, 2007
McMoRan
      Exploration Co.
Exhibit
      Index
Exhibit
      Number
99.1
Press
                  Release dated August 6, 2007, titled "McMoRan Exploration Co. Completes
                  Acquisition of Gulf of Mexico Shelf Properties from Newfield Exploration
                  Company for $1.1
                  Billion."