McMoRan Exploring Hydraulics To Better Tap Into Gulf of Mexico Prospect, Shares Slightly Higher

By Staff,

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McMoRan Exploration Co. ( MMR ) is up 0.3% to $15.94 in the after-market and the resource company saying it is now working to develop a hydraulic fracture treatment - including proppant - to move hydrocarbons into the wellcore of its deepwater Davy Jones No. 1 well in the Gulf of Mexico.

MMR and its partner companies in project previously reported about 200 net feet of pay with the well with a second well nearby confirmed the presence of hydrocarbons. It owns a 50.2 net revenue interest in the Davy Jones prospect.

MMR is moving in the high end of its 52-week range of $7.25 - $16.13.

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This article appears in: Investing Commodities
Referenced Stocks: MMR

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