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<TITLE>MMR Form S-8 - 2004 Director Compensation Plan &nbsp;(N1127357.DOC;3)</TITLE>
<META NAME="author" CONTENT="Jones Walker">
<META NAME="date" CONTENT="05/07/2004">
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<P style="margin-top:0pt; margin-bottom:-12pt; font-family:Times New Roman">As filed with the Securities and Exchange Commission on May 10, 2004.</P>
<P style="margin:0pt; text-indent:394.15pt; font-family:Times New Roman">Registration No. 333-______</P>
<P style="margin:0pt; padding-bottom:3pt; font-family:Times New Roman; border-bottom:1.5pt solid #000000"><BR></P>
<P style="margin-top:3pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>UNITED STATES</B></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>SECURITIES AND EXCHANGE COMMISSION</B></P>
<P style="margin:0pt; font-family:Times New Roman" align=center><B>Washington, D.C. &nbsp;20549</B></P>
<P style="margin:0pt; font-family:Times New Roman" align=center><B>_______________</B></P>
<P style="margin:0pt; line-height:20pt; font-family:Times New Roman; font-size:18pt" align=center><B>FORM S-8</B></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>REGISTRATION STATEMENT</B></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>under</B></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>THE SECURITIES ACT OF 1933</B></P>
<P style="margin:0pt; font-family:Times New Roman" align=center><B>_______________</B></P>
<P style="margin:0pt; line-height:16pt; font-family:Times New Roman; font-size:14pt" align=center><B>McMoRan Exploration Co.</B></P>
<P style="margin:0pt; font-family:Times New Roman" align=center><I>(Exact name of registrant as specified in its charter)</I></P>
<P style="margin-top:0pt; margin-bottom:-12pt; text-indent:88.85pt; font-family:Times New Roman"><I></I><B>Delaware</B></P>
<P style="margin:0pt; text-indent:407.85pt; font-family:Times New Roman"><B>72-1424200</B></P>
<P style="margin-top:0pt; margin-bottom:-12pt; text-indent:55.25pt; font-family:Times New Roman"><I>(State or other jurisdiction</I></P>
<P style="margin:0pt; text-indent:397.8pt; font-family:Times New Roman"><I>(I.R.S. Employer</I></P>
<P style="margin-top:0pt; margin-bottom:-12pt; text-indent:42.2pt; font-family:Times New Roman"><I>of incorporation or organization)</I></P>
<P style="margin:0pt; text-indent:394.7pt; font-family:Times New Roman"><I>Identification No.)</I></P>
<P style="margin:0pt; font-family:Times New Roman" align=center><B>1615 Poydras Street</B></P>
<P style="margin:0pt; font-family:Times New Roman" align=center><B>New Orleans, Louisiana 70112</B></P>
<P style="margin:0pt; font-family:Times New Roman" align=center><I>(Address, including zip code, or registrant&#146;s</I></P>
<P style="margin:0pt; font-family:Times New Roman" align=center><I>principal executive offices)</I></P>
<P style="margin:0pt; line-height:16pt; font-family:Times New Roman; font-size:14pt" align=center><B>McMoRan Exploration Co. 2004 Director Compensation Plan</B></P>
<P style="margin:0pt; font-family:Times New Roman" align=center><I>(Full title of the plan)</I></P>
<P style="margin:0pt; font-family:Times New Roman" align=center><B>_______________</B></P>
<P style="margin-top:2.5pt; margin-bottom:0pt; font-family:Times New Roman" align=center><B>John G. Amato</B></P>
<P style="margin:0pt; font-family:Times New Roman" align=center><B>General Counsel</B></P>
<P style="margin:0pt; font-family:Times New Roman" align=center><B>McMoRan Exploration Co.</B></P>
<P style="margin:0pt; font-family:Times New Roman" align=center><B>1615 Poydras Street</B></P>
<P style="margin:0pt; font-family:Times New Roman" align=center><B>New Orleans, Louisiana 70112</B></P>
<P style="margin:0pt; font-family:Times New Roman" align=center><B>(504) 582-4000</B></P>
<P style="margin:0pt; font-family:Times New Roman" align=center><I>(Name, address, including zip code, and telephone number,</I></P>
<P style="margin:0pt; font-family:Times New Roman" align=center><I>including area code, of agent for service)</I></P>
<P style="margin-top:2.5pt; margin-bottom:0pt; font-family:Times New Roman" align=center>Copy to:</P>
<P style="margin-top:2.5pt; margin-bottom:0pt; font-family:Times New Roman" align=center><B>Margaret F. Murphy</B></P>
<P style="margin:0pt; font-family:Times New Roman" align=center><B>Jones, Walker, Waechter, Poitevent, Carr&#232;re &amp; Den&#232;gre, L.L.P.</B></P>
<P style="margin:0pt; font-family:Times New Roman" align=center><B>201 St. Charles Avenue</B></P>
<P style="margin:0pt; font-family:Times New Roman" align=center><B>New Orleans, Louisiana 70170-5100</B></P>
<P style="margin:0pt; font-family:Times New Roman" align=center><BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=center><B>CALCULATION OF REGISTRATION FEE</B></P>
<TABLE cellspacing=0><TR><TD style="border-top:2pt double #000000; border-right:0.5pt solid #000000" valign=bottom width=181.2><P style="margin-top:2.25pt; margin-bottom:0pt; font-family:Times New Roman; font-size:9pt" align=center><BR></P>
<P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=center>Title of</P>
<P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=center>securities to be registered</P>
</TD><TD style="border-top:2pt double #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=128.667><P style="margin-top:2.25pt; margin-bottom:0pt; font-family:Times New Roman; font-size:9pt" align=center><BR></P>
<P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=center>Amount to be registered <SUP>(1)</SUP></P>
</TD><TD style="border-right:0.5pt solid #000000" valign=bottom width=128.733><P style="margin-top:2.25pt; margin-bottom:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=center>Proposed maximum offering price</P>
<P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=center>per unit</P>
</TD><TD style="border-top:2pt double #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=bottom width=128.667><P style="margin-top:2.25pt; margin-bottom:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=center>Proposed maximum aggregate</P>
<P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=center>offering price</P>
</TD><TD style="border-top:2pt double #000000" valign=bottom width=128.733><P style="margin:0pt; font-family:Times New Roman; font-size:9pt"><BR></P>
<P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=center>Amount of<BR>
registration fee</P>
</TD></TR>
<TR><TD style="border-top:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=top width=181.2><P style="margin-top:0pt; margin-bottom:-11pt; padding-left:9pt; text-indent:-9pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">Common Stock (par value $.01 per share)</P>
<P style="margin:0pt; padding-left:9pt; text-indent:171pt; font-family:Times New Roman; font-size:9pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-11pt; padding-left:9pt; text-indent:-9pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">Common Stock (par value $.01 per share)</P>
<P style="margin:0pt; padding-left:9pt; text-indent:171pt; font-family:Times New Roman; font-size:9pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-11pt; padding-left:9pt; text-indent:-9pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">Common Stock (par value $.01 per share)</P>
<P style="margin:0pt; padding-left:9pt; text-indent:171pt; font-family:Times New Roman; font-size:9pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-11pt; padding-left:9pt; text-indent:-9pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">Common Stock (par value $.01 per share)</P>
<P style="margin:0pt; padding-left:9pt; text-indent:171pt; font-family:Times New Roman; font-size:9pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-11pt; padding-left:9pt; text-indent:-9pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">Common Stock (par value $.01 per share)</P>
<P style="margin:0pt; padding-left:9pt; text-indent:171pt; font-family:Times New Roman; font-size:9pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-11pt; padding-left:9pt; text-indent:-9pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">Common Stock (par value $.01 per share)</P>
<P style="margin:0pt; padding-left:9pt; text-indent:171pt; font-family:Times New Roman; font-size:9pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-11pt; padding-left:9pt; text-indent:-9pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">Common Stock (par value $.01 per share)</P>
<P style="margin:0pt; padding-left:9pt; text-indent:171pt; font-family:Times New Roman; font-size:9pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-11pt; padding-left:9pt; text-indent:-9pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">Common Stock (par value $.01 per share)</P>
<P style="margin:0pt; padding-left:9pt; text-indent:171pt; font-family:Times New Roman; font-size:9pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:9pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-11pt; text-indent:22.5pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">Total</P>
<P style="margin:0pt; text-indent:125.1pt; font-family:Times New Roman; font-size:9pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:9pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-11pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">Preferred Stock Purchase Rights</P>
<P style="margin:0pt; text-indent:125.1pt; font-family:Times New Roman; font-size:9pt"><BR></P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=128.667><P style="margin:0pt; padding-right:14.15pt; font-family:Times New Roman; font-size:9pt" align=right><BR></P>
<P style="margin:0pt; padding-right:14.15pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>160,908 Shares</P>
<P style="margin:0pt; padding-right:14.15pt; font-family:Times New Roman; font-size:9pt" align=right><BR></P>
<P style="margin:0pt; padding-right:14.15pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>364 Shares</P>
<P style="margin:0pt; padding-right:14.15pt; font-family:Times New Roman; font-size:9pt" align=right><BR></P>
<P style="margin:0pt; padding-right:14.15pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>364 Shares</P>
<P style="margin:0pt; padding-right:14.15pt; font-family:Times New Roman; font-size:9pt" align=right><BR></P>
<P style="margin:0pt; padding-right:14.15pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>364 Shares</P>
<P style="margin:0pt; padding-right:14.15pt; font-family:Times New Roman; font-size:9pt" align=right><BR></P>
<P style="margin:0pt; padding-right:14.15pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>2,000 Shares</P>
<P style="margin:0pt; padding-right:14.15pt; font-family:Times New Roman; font-size:9pt" align=right><BR></P>
<P style="margin:0pt; padding-right:14.15pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>2,000 Shares</P>
<P style="margin:0pt; padding-right:14.15pt; font-family:Times New Roman; font-size:9pt" align=right><BR></P>
<P style="margin:0pt; padding-right:14.15pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>2,000 Shares</P>
<P style="margin:0pt; padding-right:14.15pt; font-family:Times New Roman; font-size:9pt" align=right><BR></P>
<P style="margin:0pt; padding-right:14.15pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>7,000 Shares</P>
<P style="margin:0pt; padding-right:14.15pt; font-family:Times New Roman; font-size:9pt" align=right><BR></P>
<P style="margin:0pt; padding-right:14.15pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>175,000 Shares</P>
<P style="margin:0pt; padding-right:14.15pt; font-family:Times New Roman; font-size:9pt" align=right><BR></P>
<P style="margin:0pt; padding-right:14.15pt; line-height:11pt; font-family:Times New Roman; font-size:9pt" align=right>175,000 Rights</P>
</TD><TD style="border-top:0.5pt solid #000000; border-right:0.5pt solid #000000" valign=top width=128.733><P style="margin:0pt; font-family:Times New Roman; font-size:9pt"><BR></P>
<P style="margin:0pt; text-indent:24.1pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">$15.26<SUP>(2)</SUP></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:9pt"><BR></P>
<P style="margin:0pt; text-indent:24.1pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">$12.10</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:9pt"><BR></P>
<P style="margin:0pt; text-indent:24.1pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">$22.14</P>
<P style="margin:0pt; text-indent:37.6pt; font-family:Times New Roman; font-size:9pt"><BR></P>
<P style="margin:0pt; text-indent:24.1pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">$17.69</P>
<P style="margin:0pt; text-indent:37.6pt; font-family:Times New Roman; font-size:9pt"><BR></P>
<P style="margin:0pt; text-indent:24.1pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">$15.78</P>
<P style="margin:0pt; text-indent:37.6pt; font-family:Times New Roman; font-size:9pt"><BR></P>
<P style="margin:0pt; text-indent:24.1pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">$13.08</P>
<P style="margin:0pt; text-indent:37.6pt; font-family:Times New Roman; font-size:9pt"><BR></P>
<P style="margin:0pt; text-indent:24.1pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">$&nbsp;&nbsp;4.28</P>
<P style="margin:0pt; text-indent:37.6pt; font-family:Times New Roman; font-size:9pt"><BR></P>
<P style="margin:0pt; text-indent:24.1pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">$12.71</P>
<P style="margin:0pt; text-indent:37.6pt; font-family:Times New Roman; font-size:9pt"><BR></P>
<P style="margin:0pt; text-indent:21.85pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">$ ---.-- </P>
<P style="margin:0pt; font-family:Times New Roman; font-size:9pt"><BR></P>
<P style="margin:0pt; text-indent:21.85pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">$ ---.-- <SUP>(4)</SUP></P>
</TD><TD style="border-right:0.5pt solid #000000" valign=top width=128.667><P style="margin:0pt; font-family:Times New Roman; font-size:9pt"><BR></P>
<P style="margin:0pt; text-indent:8.55pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">$2,455,456.08<SUP>(2)</SUP></P>
<P style="margin:0pt; text-indent:49.05pt; font-family:Times New Roman; font-size:9pt"><BR></P>
<P style="margin:0pt; text-indent:19.8pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">$&nbsp;&nbsp;4,404.40<SUP>(3)</SUP></P>
<P style="margin:0pt; text-indent:49.05pt; font-family:Times New Roman; font-size:9pt"><BR></P>
<P style="margin:0pt; text-indent:19.8pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">$&nbsp;&nbsp;8,058.96<SUP>(3)</SUP></P>
<P style="margin:0pt; text-indent:49.05pt; font-family:Times New Roman; font-size:9pt"><BR></P>
<P style="margin:0pt; text-indent:19.8pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">$&nbsp;&nbsp;6,439.16<SUP>(3)</SUP></P>
<P style="margin:0pt; text-indent:49.05pt; font-family:Times New Roman; font-size:9pt"><BR></P>
<P style="margin:0pt; text-indent:19.8pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">$31,560.00<SUP>(3)</SUP></P>
<P style="margin:0pt; text-indent:49.05pt; font-family:Times New Roman; font-size:9pt"><BR></P>
<P style="margin:0pt; text-indent:19.8pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">$26,160.00<SUP>(3)</SUP></P>
<P style="margin:0pt; text-indent:49.05pt; font-family:Times New Roman; font-size:9pt"><BR></P>
<P style="margin:0pt; text-indent:19.8pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">$&nbsp;&nbsp;8,560.00<SUP>(3)</SUP></P>
<P style="margin:0pt; text-indent:49.05pt; font-family:Times New Roman; font-size:9pt"><BR></P>
<P style="margin:0pt; text-indent:19.8pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">$88,970.00<SUP>(3)</SUP></P>
<P style="margin:0pt; text-indent:49.05pt; font-family:Times New Roman; font-size:9pt"><BR></P>
<P style="margin:0pt; text-indent:8.55pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">$2,629,608.60</P>
<P style="margin:0pt; text-indent:49.05pt; font-family:Times New Roman; font-size:9pt"><BR></P>
<P style="margin:0pt; text-indent:19.8pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;--</P>
</TD><TD style="border-top:0.5pt solid #000000" valign=top width=128.733><P style="margin:0pt; text-indent:51.55pt; font-family:Times New Roman; font-size:9pt"><BR></P>
<P style="margin:0pt; text-indent:29.05pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">$311.11<SUP> (2)</SUP></P>
<P style="margin:0pt; text-indent:47.05pt; font-family:Times New Roman; font-size:9pt"><BR></P>
<P style="margin:0pt; text-indent:33.55pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">$&nbsp;&nbsp;&nbsp;&nbsp;.56<SUP>(3)</SUP></P>
<P style="margin:0pt; text-indent:47.05pt; font-family:Times New Roman; font-size:9pt"><BR></P>
<P style="margin:0pt; text-indent:33.55pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">$&nbsp;&nbsp;1.02<SUP>(3)</SUP></P>
<P style="margin:0pt; text-indent:47.05pt; font-family:Times New Roman; font-size:9pt"><BR></P>
<P style="margin:0pt; text-indent:33.55pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">$&nbsp;&nbsp;&nbsp;&nbsp;.82<SUP>(3)</SUP></P>
<P style="margin:0pt; text-indent:47.05pt; font-family:Times New Roman; font-size:9pt"><BR></P>
<P style="margin:0pt; text-indent:33.55pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">$&nbsp;&nbsp;4.00<SUP>(3)</SUP></P>
<P style="margin:0pt; text-indent:47.05pt; font-family:Times New Roman; font-size:9pt"><BR></P>
<P style="margin:0pt; text-indent:33.55pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">$&nbsp;&nbsp;3.31<SUP>(3)</SUP></P>
<P style="margin:0pt; text-indent:47.05pt; font-family:Times New Roman; font-size:9pt"><BR></P>
<P style="margin:0pt; text-indent:33.55pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">$&nbsp;&nbsp;1.08<SUP>(3)</SUP></P>
<P style="margin:0pt; text-indent:47.05pt; font-family:Times New Roman; font-size:9pt"><BR></P>
<P style="margin:0pt; text-indent:33.55pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">$11.27<SUP>(3)</SUP></P>
<P style="margin:0pt; text-indent:47.05pt; font-family:Times New Roman; font-size:9pt"><BR></P>
<P style="margin:0pt; text-indent:29.05pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">$333.17</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:9pt"><BR></P>
<P style="margin:0pt; text-indent:20.05pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">$ &nbsp;&nbsp;&nbsp;&nbsp;---.--<SUP>(4)</SUP></P>
</TD></TR>
<TR><TD style="border-top:2pt double #000000; border-bottom:2pt double #000000" valign=top width=696 colspan=5><P style="margin-top:2.25pt; margin-bottom:-12pt; padding-left:18pt; text-indent:-18pt; font-family:Times New Roman"><SUP>(1)</SUP></P>
<P style="margin:0pt; padding-left:18pt; line-height:10.1pt; font-family:Times New Roman; font-size:9pt">Upon a stock split, stock dividend or similar transaction in the future and during the effectiveness of this Registration Statement involving our Common Stock, the number of shares and rights registered shall be automatically increased to cover the additional shares and rights in accordance with Rule 416(a) under the Securities Act of 1933.</P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:18pt; text-indent:-18pt; font-family:Times New Roman"><SUP>(2)</SUP></P>
<P style="margin:0pt; padding-left:18pt; line-height:10.1pt; font-family:Times New Roman; font-size:9pt">Estimated solely for the purpose of calculating the registration fee pursuant to Rule 457(c) under the Securities Act of 1933, based on the average of the high and low price per share of our Common Stock on the New York Stock Exchange on May 7, 2004.</P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:18pt; text-indent:-18pt; font-family:Times New Roman"><SUP>(3)</SUP></P>
<P style="margin:0pt; padding-left:18pt; line-height:10.1pt; font-family:Times New Roman; font-size:9pt">Computed in accordance with Rule 457(h) under the Securities Act of 1933, based upon the price at which scheduled grants of options are exercisable.</P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:18pt; text-indent:-18pt; font-family:Times New Roman"><SUP>(4)</SUP></P>
<P style="margin:0pt; padding-left:18pt; line-height:10.1pt; font-family:Times New Roman; font-size:9pt">Preferred Stock Purchase Rights (the &#147;Rights&#148;) are attached to and trade with the Registrant&#146;s Common Stock. &nbsp;The value attributable to the Rights, if any, is reflected in the market price of such Common Stock. &nbsp;Because no separate consideration is paid for the Rights, the registration fee for such securities is included in the fee for such Common Stock.</P>
</TD></TR>
</TABLE>
<P style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt">&nbsp;</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<BR>
<BR>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>PART II</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=center><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>Item 3. &nbsp;Incorporation of Documents by Reference.</B></P>
<P style="margin-top:12pt; margin-bottom:0pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">The following documents, which have been filed by McMoRan Exploration Co. with the Securities and Exchange Commission (the &#147;Commission&#148;), are incorporated herein by reference:</P>
<P style="margin-top:12pt; margin-bottom:-14pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(a)</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Our latest Annual Report on Form 10-K;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(b)</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">All other reports filed by us pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934 since the end of the fiscal year covered by the Annual Report referred to in (a); and</P>
<P style="margin-top:12pt; margin-bottom:-14pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(c)</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">The description of our Common Stock and Preferred Stock Purchase Rights included in our Registration Statement on Form 8-A filed November 13, 1998, and effective November 16, 1998, by incorporation by reference from pages 119-124 of Amendment No. 1 to our Registration Statement on Form S-4 (Registration No. 333-61171), including any amendment thereto or report filed for the purpose of updating such description.</P>
<P style="margin-top:12pt; margin-bottom:0pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">All documents filed by us with the Commission pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Securities Exchange Act of 1934 subsequent to the date of this Registration Statement and prior to the filing of a post-effective amendment that indicates that all securities offered have been sold or that deregisters all securities then remaining unsold shall, except to the extent otherwise provided by Regulation S-K or any other rule promulgated by the Commission, be deemed to be incorporated by reference in this Registration Statement and to be part hereof from the date of filing of such documents.</P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>Item 4. &nbsp;Description of Securities.</B></P>
<P style="margin-top:12pt; margin-bottom:0pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Not applicable.</P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>Item 5. &nbsp;Interests of Named Experts and Counsel.</B></P>
<P style="margin-top:12pt; margin-bottom:0pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Not applicable.</P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>Item 6. &nbsp;Indemnification of Directors and Officers.</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Section 145 of the General Corporation Law of Delaware empowers us to indemnify, subject to the standards prescribed in that Section, any person in connection with any action, suit or proceeding brought or threatened by reason of the fact that the person is or was our director, officer, employee or agent. Article VIII of our certificate of incorporation provides that our company shall indemnify any person who is or was a director, officer, employee or agent of our company, to the fullest extent authorized by law. &nbsp;In addition, Section 10 of our bylaws provides that we shall defend and indemnify each person who was or is made a party to, or is threatened to be made a party to, or is otherwise involved in, any action, suit, or proceeding by reason of the fact that the person is or was our director, officer, employee or agent if:</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt">&nbsp;</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt">&nbsp;</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align="center">
II-1</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:108pt; text-indent:-72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">-</P>
<P style="margin:0pt; padding-left:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">the director, officer, agent or employee is successful in defending the claim on its merits or otherwise; or</P>
<P style="margin:0pt; padding-left:36pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:108pt; text-indent:-72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">-</P>
<P style="margin:0pt; padding-left:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">the director, officer, agent or employee meets the standard of conduct described in Section 10 of our bylaws.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">However, the director, officer, agent or employee of our company will not be entitled to indemnification if:</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:108pt; text-indent:-72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">-</P>
<P style="margin:0pt; padding-left:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">the claim is one brought by the director, officer, agent or employee against our company; or</P>
<P style="margin:0pt; padding-left:36pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:108pt; text-indent:-72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">-</P>
<P style="margin:0pt; padding-left:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">the claim is one brought by the director, officer, agent or employee as a derivative action by our company or in the right of our company, and the action is not approved by our board of directors.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">The rights conferred by Article VIII of our certificate of incorporation and Section 10 of our bylaws are contractual rights and include the right to be paid by us the expenses incurred in defending the action, suit or proceeding in advance of its final disposition.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Article VIII of our certificate of incorporation provides that our directors will not be personally liable to us or our stockholders for monetary damages resulting from breaches of their fiduciary duty as directors except (1) for any breach of the duty of loyalty to us or our stockholders, (2) for acts or omissions not in good faith or which involve intentional misconduct or a knowing violation of law, (3) under Section 174 of the General Corporation Law of Delaware, which makes directors liable for unlawful dividend or unlawful stock repurchases or redemptions or (4) transactions from which directors derive improper personal benefit.</P>
<P style="margin:0pt; text-indent:36pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">We have insurance policies insuring our directors and officers against certain liabilities, including liabilities under the Securities Act of 1933.</P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>Item 7. &nbsp;Exemption from Registration Claimed.</B></P>
<P style="margin-top:12pt; margin-bottom:0pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Not applicable.</P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>Item 8. &nbsp;Exhibits.</B></P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:72pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">5</P>
<P style="margin:0pt; padding-left:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Opinion of Jones, Walker, Waechter, Poitevent, Carr&#232;re &amp; Den&#232;gre, L.L.P.</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:72pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">15</P>
<P style="margin:0pt; padding-left:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Letter dated May
10, 2004, from Ernst &amp; Young LLP regarding the unaudited interim financial statements.</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:72pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">23.1</P>
<P style="margin:0pt; padding-left:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Consent of Ernst &amp; Young LLP.</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:72pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">23.2</P>
<P style="margin:0pt; padding-left:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Consent of Jones, Walker, Waechter, Poitevent, Carr&#232;re &amp; Den&#232;gre, L.L.P. (included in Exhibit 5).</P>
<P style="margin:0pt; padding-left:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&nbsp;</P>
<P style="margin:0pt; padding-left:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt; text-indent:-98" align="center">
II-2</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:72pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">24</P>
<P style="margin:0pt; padding-left:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Powers of Attorney pursuant to which this Registration Statement has been signed on behalf of certain of our officers and directors.</P>
<P style="margin-top:12pt; margin-bottom:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>Item 9. &nbsp;Undertakings.</B></P>
<P style="margin-top:12pt; margin-bottom:-14pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(a)</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">The undersigned registrant hereby undertakes:</P>
<P style="margin-top:12pt; margin-bottom:-14pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(1)</P>
<P style="margin:0pt; text-indent:90pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:</P>
<P style="margin-top:12pt; margin-bottom:-14pt; text-indent:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(i)</P>
<P style="margin:0pt; text-indent:144pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">To include any prospectus required by Section 10(a)(3) of the Securities Act of 1933;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; text-indent:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(ii)</P>
<P style="margin:0pt; text-indent:144pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">To reflect in the prospectus any facts or events arising after the effective date of this registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in this registration statement. &nbsp;Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the SEC pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than a 20 percent change in the maximum aggregate offering price set forth in the &#147;Calculation of Registration Fee&#148; table in the effective registration statement;</P>
<P style="margin-top:12pt; margin-bottom:-14pt; text-indent:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(iii)</P>
<P style="margin:0pt; text-indent:144pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">To include any material information with respect to the plan of distribution not previously disclosed in this registration statement or any material change to such information in this registration statement; </P>
<P style="margin-top:12pt; margin-bottom:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><I>Provided, however</I>, that paragraphs (a)(1)(i) and (a)(1)(ii) do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained in periodic reports filed by the registrant pursuant to Section 13 or Section 15(d) of the Securities Exchange Act of 1934 that are incorporated by reference in this registration statement.</P>
<P style="margin-top:12pt; margin-bottom:-14pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(1)</P>
<P style="margin:0pt; text-indent:90pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">That, for the purpose of determining any liability under the Securities Act of 1933, each such post-effective amend&shy;ment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.</P>
<P style="margin-top:12pt; margin-bottom:-14pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(2)</P>
<P style="margin:0pt; text-indent:90pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.</P>
<P style="margin-top:12pt; margin-bottom:-14pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(b)</P>
<P style="margin:0pt; text-indent:72pt; line-height:13.65pt; font-family:Times New Roman; font-size:12pt">The undersigned registrant hereby undertakes that, for purposes of determining any liability under the Securities Act of 1933, each filing of the registrant&#146;s annual report pursuant to section 13(a) or section 15(d) of the Securities Exchange Act of 1934 (and, where applicable, each filing of an employee benefit plan&#146;s annual report pursuant to section 15(d) of the Securities Exchange Act of 1934) that is incorporated by reference in the registration statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.</P>
<P style="margin:0pt; text-indent:72pt; line-height:13.65pt; font-family:Times New Roman; font-size:12pt">&nbsp;</P>
<P style="margin:0pt; line-height:13.65pt; font-family:Times New Roman; font-size:12pt" align="center">
II-3</P>
<P style="margin-top:12pt; margin-bottom:-14pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(c)</P>
<P style="margin:0pt; text-indent:72pt; line-height:13.65pt; font-family:Times New Roman; font-size:12pt">Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Securities Act of 1933 and is, therefore, unenforceable. &nbsp;In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question of whether such indemnification by it is against public policy as expressed in the Securities &nbsp;Act of 1933 and will be governed by the final adjudication of such issue.</P>
<p align="center">
<BR>
<font size="3">II-4</font></p>
<BR>
<BR>
<BR>
<P style="margin:0pt; font-family:Times New Roman" align=center><B>
<font size="3">SIGNATURES</font></B></P>
<P style="margin-top:10pt; margin-bottom:0pt; text-indent:36pt; font-family:Times New Roman"><B>
<font size="3">The Registrant.</font></B><font size="3"> &nbsp;Pursuant to the requirements of the Securities Act of 1933, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of New Orleans, State of Louisiana, on May 10, 2004.</font></P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; text-indent:234pt; font-family:Times New Roman">McMoRan EXPLORATION CO.</P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin-top:0pt; margin-bottom:-12pt; text-indent:234pt; font-family:Times New Roman">By:<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; /s/ Richard C. Adkerson</U></P>
<P style="margin:0pt; text-indent:468pt; font-family:Times New Roman" align="center"><U><BR></U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Richard C. Adkerson</P>
<P style="margin:0pt; text-indent:290; font-family:Times New Roman" align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Co-Chairman of the Board</P>
<P style="margin-top:10pt; margin-bottom:0pt; text-indent:36pt; font-family:Times New Roman">P<font size="3">ursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed by the following persons in the capacities indicated on May 10, 2004.</font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<TABLE cellspacing=0><TR><TD valign=top width=234.6><P style="margin:0pt; font-family:Times New Roman" align=center><U>Signature</U></P>
</TD><TD valign=top width=234.6><P style="margin:0pt; font-family:Times New Roman" align=center><U>Title</U></P>
</TD></TR>
<TR><TD valign=top width=234.6><P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin-top:0pt; margin-bottom:-12pt; text-indent:78.05pt; font-family:Times New Roman"><U>*</U></P>
<P style="margin:0pt; text-indent:165.15pt; font-family:Times New Roman"><U><BR></U></P>
<P style="margin:0pt; font-family:Times New Roman" align=center>James R. Moffett</P>
</TD><TD valign=top width=234.6><P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=center>Co-Chairman of the Board</P>
</TD></TR>
<TR><TD valign=top width=234.6><P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<U><P style="margin-top:0pt; margin-bottom:-12pt; text-indent:32.2pt; font-family:Times New Roman">/s/ Richard C. Adkerson</U></P>
<P style="margin:0pt; text-indent:165.15pt; font-family:Times New Roman"><U><BR></U></P>
<P style="margin:0pt; font-family:Times New Roman" align=center>Richard C. Adkerson</P>
</TD><TD valign=top width=234.6><P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=center>Co-Chairman of the Board</P>
</TD></TR>
<TR><TD valign=top width=234.6><P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin-top:0pt; margin-bottom:-12pt; text-indent:78.05pt; font-family:Times New Roman"><U>*</U></P>
<P style="margin:0pt; text-indent:165.15pt; font-family:Times New Roman"><U><BR></U></P>
<P style="margin:0pt; font-family:Times New Roman" align=center>Glenn A. Kleinert</P>
</TD><TD valign=top width=234.6><P style="margin:0pt; font-family:Times New Roman" align=center><BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=center><BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=center>President and Chief Executive Officer</P>
<P style="margin:0pt; font-family:Times New Roman" align=center>(Principal Executive Officer)</P>
</TD></TR>
<TR><TD valign=top width=234.6><P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin-top:0pt; margin-bottom:-12pt; text-indent:78.05pt; font-family:Times New Roman"><U>*</U></P>
<P style="margin:0pt; text-indent:165.15pt; font-family:Times New Roman"><U><BR></U></P>
<P style="margin:0pt; font-family:Times New Roman" align=center>B.M. Rankin, Jr.</P>
</TD><TD valign=top width=234.6><P style="margin:0pt; font-family:Times New Roman" align=center><BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=center><BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=center><BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=center>Vice Chairman of the Board</P>
</TD></TR>
<TR><TD valign=top width=234.6><P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin-top:0pt; margin-bottom:-12pt; text-indent:78.05pt; font-family:Times New Roman"><U>*</U></P>
<P style="margin:0pt; text-indent:165.15pt; font-family:Times New Roman"><U><BR></U></P>
<P style="margin:0pt; font-family:Times New Roman" align=center>Nancy D. Parmelee</P>
</TD><TD valign=top width=234.6><P style="margin:0pt; font-family:Times New Roman" align=center><BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=center><BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=center>Senior Vice President, Chief</P>
<P style="margin:0pt; font-family:Times New Roman" align=center>Financial Officer and Secretary</P>
<P style="margin:0pt; font-family:Times New Roman" align=center>(Principal Financial Officer)</P>
</TD></TR>
<TR><TD valign=top width=234.6><P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin-top:0pt; margin-bottom:-12pt; text-indent:78.05pt; font-family:Times New Roman"><U>*</U></P>
<P style="margin:0pt; text-indent:165.15pt; font-family:Times New Roman"><U><BR></U></P>
<P style="margin:0pt; font-family:Times New Roman" align=center>C. Donald Whitmire, Jr.</P>
</TD><TD valign=top width=234.6><P style="margin:0pt; font-family:Times New Roman" align=center><BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=center><BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=center>Vice President and Controller -</P>
<P style="margin:0pt; font-family:Times New Roman" align=center>Financial Reporting</P>
<P style="margin:0pt; font-family:Times New Roman" align=center>(Principal Accounting Officer)</P>
</TD></TR>
<TR><TD valign=top width=234.6><P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin-top:0pt; margin-bottom:-12pt; text-indent:78.05pt; font-family:Times New Roman"><U>*</U></P>
<P style="margin:0pt; text-indent:165.15pt; font-family:Times New Roman"><U><BR></U></P>
<P style="margin:0pt; font-family:Times New Roman" align=center>Robert A. Day</P>
</TD><TD valign=top width=234.6><P style="margin:0pt; font-family:Times New Roman" align=center><BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=center><BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=center><BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=center>Director</P>
</TD></TR>
<TR><TD valign=top width=234.6><P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin-top:0pt; margin-bottom:-12pt; text-indent:78.05pt; font-family:Times New Roman"><U>*</U></P>
<P style="margin:0pt; text-indent:165.15pt; font-family:Times New Roman"><U><BR></U></P>
<P style="margin:0pt; font-family:Times New Roman" align=center>Gerald J. Ford</P>
</TD><TD valign=top width=234.6><P style="margin:0pt; font-family:Times New Roman" align=center><BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=center><BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=center><BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=center><BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=center><BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=center>Director</P>
</TD></TR>
<TR><TD valign=top width=234.6><P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin-top:0pt; margin-bottom:-12pt; text-indent:78.05pt; font-family:Times New Roman"><U>*</U></P>
<P style="margin:0pt; text-indent:165.15pt; font-family:Times New Roman"><U><BR></U></P>
<P style="margin:0pt; font-family:Times New Roman" align=center>H. Devon Graham, Jr.</P>
</TD><TD valign=top width=234.6><P style="margin:0pt; font-family:Times New Roman" align=center><BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=center><BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=center><BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=center>Director</P>
</TD></TR>
<TR><TD valign=top width=234.6><P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin-top:0pt; margin-bottom:-12pt; text-indent:78.05pt; font-family:Times New Roman"><U>*</U></P>
<P style="margin:0pt; text-indent:165.15pt; font-family:Times New Roman"><U><BR></U></P>
<P style="margin:0pt; font-family:Times New Roman" align=center>J. Taylor Wharton</P>
</TD><TD valign=top width=234.6><P style="margin:0pt; font-family:Times New Roman" align=center><BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=center><BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=center><BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=center>Director</P>
</TD></TR>
<TR><TD valign=top width=234.6><P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin-top:0pt; margin-bottom:-12pt; font-family:Times New Roman">*By:<U> </U></P>
<P style="margin-top:0pt; margin-bottom:-12pt; text-indent:32.2pt; font-family:Times New Roman"><U>/s/ Richard C. Adkerson</U></P>
<P style="margin:0pt; text-indent:165.15pt; font-family:Times New Roman"><U><BR></U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Richard C. Adkerson</P>
<P style="margin:0pt; text-indent:56.35pt; font-family:Times New Roman">Attorney-in-Fact</P>
</TD><TD valign=top width=234.6><P style="margin:0pt; font-family:Times New Roman" align=center><BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=center><BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=center><BR></P>
</TD></TR>
</TABLE>
<BR>
<BR>
<BR>
<BR>
<P style="margin:0pt; text-indent:229.45pt; font-family:Times New Roman; ">
<font size="3">S-1</font></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<BR>
<BR>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>EXHIBIT INDEX</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>Exhibit</B></P>
<P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B><U>Number</U></B></P>
<P style="margin:0pt; text-indent:195.95pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B><U>Description of Exhibits</U></B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:72pt; text-indent:-63pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">5</P>
<P style="margin:0pt; padding-left:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Opinion of Jones, Walker, Waechter, Poitevent, Carrere &amp; Denegre, L.L.P.</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:72pt; text-indent:-63pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">15</P>
<P style="margin:0pt; padding-left:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Letter dated May
10, 2004, from Ernst &amp; Young LLP regarding the unaudited interim financial statements.</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:72pt; text-indent:-63pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">23.1</P>
<P style="margin:0pt; padding-left:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Consent of Ernst &amp; Young LLP.</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:72pt; text-indent:-63pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">23.2</P>
<P style="margin:0pt; padding-left:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Consent of Jones, Walker, Waechter, Poitevent, Carrere &amp; Denegre, L.L.P. (included in Exhibit 5).</P>
<P style="margin-top:12pt; margin-bottom:-14pt; padding-left:72pt; text-indent:-63pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">24</P>
<P style="margin:0pt; padding-left:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Powers of Attorney pursuant to which this Registration Statement has been signed on behalf of certain of our officers and directors.</P>
<BR>
<BR>
<p>
<BR>
</p>
<p>
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[{"type": "S-8", "sequence": "1", "filename": "s8.htm", "secsgml_size_bytes": 55314}]
{"company-data": {"conformed-name": "MCMORAN EXPLORATION CO /DE/", "cik": "0000064279", "assigned-sic": "1311", "irs-number": "721424200", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-115335", "film-number": "04792039"}, "business-address": {"street1": "1615 POYDRAS ST", "city": "NEW ORLEANS", "state": "LA", "zip": "70112", "phone": "5045824000"}, "mail-address": {"street1": "1615 POYDRAS ST", "city": "NEW ORLEANS", "state": "LA", "zip": "70112"}, "former-company": [{"former-conformed-name": "MCMORAN OIL & GAS CO", "date-changed": "19970707"}, {"former-conformed-name": "MCMORAN EXPLORATION CO", "date-changed": "19790223"}, {"former-conformed-name": "HORN SILVER MINES CO", "date-changed": "19720620"}]}
MMR Form S-8 - 2004 Director Compensation Plan  (N1127357.DOC;3)
As filed with the Securities and Exchange Commission on May 10, 2004.
Registration No. 333-______
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549
_______________
FORM S-8
REGISTRATION STATEMENT
under
THE SECURITIES ACT OF 1933
_______________
McMoRan Exploration Co.
(Exact name of registrant as specified in its charter)
Delaware
72-1424200
(State or other jurisdiction
(I.R.S. Employer
of incorporation or organization)
Identification No.)
1615 Poydras Street
New Orleans, Louisiana 70112
(Address, including zip code, or registrant's
principal executive offices)
McMoRan Exploration Co. 2004 Director Compensation Plan
(Full title of the plan)
_______________
John G. Amato
General Counsel
McMoRan Exploration Co.
1615 Poydras Street
New Orleans, Louisiana 70112
(504) 582-4000
(Name, address, including zip code, and telephone number,
including area code, of agent for service)
Copy to:
Margaret F. Murphy
Jones, Walker, Waechter, Poitevent, Carrère & Denègre, L.L.P.
201 St. Charles Avenue
New Orleans, Louisiana 70170-5100
CALCULATION OF REGISTRATION FEE
Title of
securities to be registered
Amount to be registered
(1)
Proposed maximum offering price
per unit
Proposed maximum aggregate
offering price
Amount of
registration fee
Common Stock (par value $.01 per share)
Common Stock (par value $.01 per share)
Common Stock (par value $.01 per share)
Common Stock (par value $.01 per share)
Common Stock (par value $.01 per share)
Common Stock (par value $.01 per share)
Common Stock (par value $.01 per share)
Common Stock (par value $.01 per share)
Total
Preferred Stock Purchase Rights
160,908 Shares
364 Shares
364 Shares
364 Shares
2,000 Shares
2,000 Shares
2,000 Shares
7,000 Shares
175,000 Shares
175,000 Rights
$15.26
(2)
$12.10
$22.14
$17.69
$15.78
$13.08
$  4.28
$12.71
$ ---.--
$ ---.--
(4)
$2,455,456.08
(2)
$  4,404.40
(3)
$  8,058.96
(3)
$  6,439.16
(3)
$31,560.00
(3)
$26,160.00
(3)
$  8,560.00
(3)
$88,970.00
(3)
$2,629,608.60
$          --
$311.11
(2)
$    .56
(3)
$  1.02
(3)
$    .82
(3)
$  4.00
(3)
$  3.31
(3)
$  1.08
(3)
$11.27
(3)
$333.17
$     ---.--
(4)
(1)
Upon a stock split, stock dividend or similar transaction in the future and during the effectiveness of this Registration Statement involving our Common Stock, the number of shares and rights registered shall be automatically increased to cover the additional shares and rights in accordance with Rule 416(a) under the Securities Act of 1933.
(2)
Estimated solely for the purpose of calculating the registration fee pursuant to Rule 457(c) under the Securities Act of 1933, based on the average of the high and low price per share of our Common Stock on the New York Stock Exchange on May 7, 2004.
(3)
Computed in accordance with Rule 457(h) under the Securities Act of 1933, based upon the price at which scheduled grants of options are exercisable.
(4)
Preferred Stock Purchase Rights (the "Rights") are attached to and trade with the Registrant's Common Stock.  The value attributable to the Rights, if any, is reflected in the market price of such Common Stock.  Because no separate consideration is paid for the Rights, the registration fee for such securities is included in the fee for such Common Stock.
PART II
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
Item 3.  Incorporation of Documents by Reference.
The following documents, which have been filed by McMoRan Exploration Co. with the Securities and Exchange Commission (the "Commission"), are incorporated herein by reference:
(a)
Our latest Annual Report on Form 10-K;
(b)
All other reports filed by us pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934 since the end of the fiscal year covered by the Annual Report referred to in (a); and
(c)
The description of our Common Stock and Preferred Stock Purchase Rights included in our Registration Statement on Form 8-A filed November 13, 1998, and effective November 16, 1998, by incorporation by reference from pages 119-124 of Amendment No. 1 to our Registration Statement on Form S-4 (Registration No. 333-61171), including any amendment thereto or report filed for the purpose of updating such description.
All documents filed by us with the Commission pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Securities Exchange Act of 1934 subsequent to the date of this Registration Statement and prior to the filing of a post-effective amendment that indicates that all securities offered have been sold or that deregisters all securities then remaining unsold shall, except to the extent otherwise provided by Regulation S-K or any other rule promulgated by the Commission, be deemed to be incorporated by reference in this Registration Statement and to be part hereof from the date of filing of such documents.
Item 4.  Description of Securities.
Not applicable.
Item 5.  Interests of Named Experts and Counsel.
Not applicable.
Item 6.  Indemnification of Directors and Officers.
Section 145 of the General Corporation Law of Delaware empowers us to indemnify, subject to the standards prescribed in that Section, any person in connection with any action, suit or proceeding brought or threatened by reason of the fact that the person is or was our director, officer, employee or agent. Article VIII of our certificate of incorporation provides that our company shall indemnify any person who is or was a director, officer, employee or agent of our company, to the fullest extent authorized by law.  In addition, Section 10 of our bylaws provides that we shall defend and indemnify each person who was or is made a party to, or is threatened to be made a party to, or is otherwise involved in, any action, suit, or proceeding by reason of the fact that the person is or was our director, officer, employee or agent if:
II-1
-
the director, officer, agent or employee is successful in defending the claim on its merits or otherwise; or
-
the director, officer, agent or employee meets the standard of conduct described in Section 10 of our bylaws.
However, the director, officer, agent or employee of our company will not be entitled to indemnification if:
-
the claim is one brought by the director, officer, agent or employee against our company; or
-
the claim is one brought by the director, officer, agent or employee as a derivative action by our company or in the right of our company, and the action is not approved by our board of directors.
The rights conferred by Article VIII of our certificate of incorporation and Section 10 of our bylaws are contractual rights and include the right to be paid by us the expenses incurred in defending the action, suit or proceeding in advance of its final disposition.
Article VIII of our certificate of incorporation provides that our directors will not be personally liable to us or our stockholders for monetary damages resulting from breaches of their fiduciary duty as directors except (1) for any breach of the duty of loyalty to us or our stockholders, (2) for acts or omissions not in good faith or which involve intentional misconduct or a knowing violation of law, (3) under Section 174 of the General Corporation Law of Delaware, which makes directors liable for unlawful dividend or unlawful stock repurchases or redemptions or (4) transactions from which directors derive improper personal benefit.
We have insurance policies insuring our directors and officers against certain liabilities, including liabilities under the Securities Act of 1933.
Item 7.  Exemption from Registration Claimed.
Not applicable.
Item 8.  Exhibits.
5
Opinion of Jones, Walker, Waechter, Poitevent, Carrère & Denègre, L.L.P.
15
Letter dated May
10, 2004, from Ernst & Young LLP regarding the unaudited interim financial statements.
23.1
Consent of Ernst & Young LLP.
23.2
Consent of Jones, Walker, Waechter, Poitevent, Carrère & Denègre, L.L.P. (included in Exhibit 5).
II-2
24
Powers of Attorney pursuant to which this Registration Statement has been signed on behalf of certain of our officers and directors.
Item 9.  Undertakings.
(a)
The undersigned registrant hereby undertakes:
(1)
To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:
(i)
To include any prospectus required by Section 10(a)(3) of the Securities Act of 1933;
(ii)
To reflect in the prospectus any facts or events arising after the effective date of this registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in this registration statement.  Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the SEC pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than a 20 percent change in the maximum aggregate offering price set forth in the "Calculation of Registration Fee" table in the effective registration statement;
(iii)
To include any material information with respect to the plan of distribution not previously disclosed in this registration statement or any material change to such information in this registration statement;
Provided, however
, that paragraphs (a)(1)(i) and (a)(1)(ii) do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained in periodic reports filed by the registrant pursuant to Section 13 or Section 15(d) of the Securities Exchange Act of 1934 that are incorporated by reference in this registration statement.
(1)
That, for the purpose of determining any liability under the Securities Act of 1933, each such post-effective amend­ment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.
(2)
To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.
(b)
The undersigned registrant hereby undertakes that, for purposes of determining any liability under the Securities Act of 1933, each filing of the registrant's annual report pursuant to section 13(a) or section 15(d) of the Securities Exchange Act of 1934 (and, where applicable, each filing of an employee benefit plan's annual report pursuant to section 15(d) of the Securities Exchange Act of 1934) that is incorporated by reference in the registration statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.
II-3
(c)
Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Securities Act of 1933 and is, therefore, unenforceable.  In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question of whether such indemnification by it is against public policy as expressed in the Securities  Act of 1933 and will be governed by the final adjudication of such issue.
II-4
SIGNATURES
The Registrant.
Pursuant to the requirements of the Securities Act of 1933, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of New Orleans, State of Louisiana, on May 10, 2004.
McMoRan EXPLORATION CO.
By:
/s/ Richard C. Adkerson
Richard C. Adkerson
Co-Chairman of the Board
P
ursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed by the following persons in the capacities indicated on May 10, 2004.
Signature
Title
*
James R. Moffett
Co-Chairman of the Board
/s/ Richard C. Adkerson
Richard C. Adkerson
Co-Chairman of the Board
*
Glenn A. Kleinert
President and Chief Executive Officer
(Principal Executive Officer)
*
B.M. Rankin, Jr.
Vice Chairman of the Board
*
Nancy D. Parmelee
Senior Vice President, Chief
Financial Officer and Secretary
(Principal Financial Officer)
*
C. Donald Whitmire, Jr.
Vice President and Controller -
Financial Reporting
(Principal Accounting Officer)
*
Robert A. Day
Director
*
Gerald J. Ford
Director
*
H. Devon Graham, Jr.
Director
*
J. Taylor Wharton
Director
*By:
/s/ Richard C. Adkerson
Richard C. Adkerson
Attorney-in-Fact
S-1
EXHIBIT INDEX
Exhibit
Number
Description of Exhibits
5
Opinion of Jones, Walker, Waechter, Poitevent, Carrere & Denegre, L.L.P.
15
Letter dated May
10, 2004, from Ernst & Young LLP regarding the unaudited interim financial statements.
23.1
Consent of Ernst & Young LLP.
23.2
Consent of Jones, Walker, Waechter, Poitevent, Carrere & Denegre, L.L.P. (included in Exhibit 5).
24
Powers of Attorney pursuant to which this Registration Statement has been signed on behalf of certain of our officers and directors.