|McMoRan Exploration Co. (McMoRan) is engaged in the exploration, development and production of oil and natural gas in the shallow waters (less than 500 feet of water) of the Gulf of Mexico and onshore in the Gulf Coast area of the United States. McMoRan's oil and gas operations are conducted through McMoRan Oil & Gas LLC (MOXY), its principal operating subsidiary. The Company has acreage positions in the shallow waters of the Gulf of Mexico and Gulf Coast areas. As of December 31, 2011, the Company owned or controlled interests in 951 oil and gas leases in the Gulf of Mexico and onshore Louisiana and Texas covering approximately 886,000 gross acres (556,000 acres net to its interests). On September 8, 2011, McMoRan acquired Whitney Exploration LLC's (Whitney) 2.97% working interest in Davy Jones and 2% working interest in Blackbeard East.