McMoRan Exploration co-chair ups stake in company to 13.1%

By Lisa Kerner

Charlotte, N.C., March 7 - James R. Moffett, co-chairman of McMoRan Exploration Co.'s board of directors, purchased 500,000 shares of the company's stock as an investment on March 5 and 6 priced from $12.35 to $13.45, according to a schedule 13D filing with the Securities and Exchange Commission.

Moffett beneficially owns 4,041,630 shares, or 13.1%, of the New Orleans-based oil and gas exploration company's common stock.

McMoRan (NYSE: MMR) closed at $13.40 on March 6.

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