McMoRan co-chair ups stake in company to 10.3% with latest share purchase

By Lisa Kerner

Charlotte, N.C., Dec. 5 - McMoRan Exploration Co. co-chairman James R. Moffett purchased 500,000 shares of the company's stock between Nov. 21 and Nov. 26 for some $5.6 million.

The shares were bought through Moffett Holdings, LLC using working capital on hand.

With the purchase, Moffett increased his stake in McMoRan to 10.3%, from 9% on Nov. 7.

The transactions were reported in a schedule 13D filing with the Securities and Exchange Commission.

Moffet beneficially owns 5,601,155 shares of the New Orleans-based oil and gas exploration company's stock.

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