McMoRan Exploration Co., through its subsidiary, McMoRan Oil & Gas LLC, engages in the exploration, development, and production of oil and natural gas offshore in the Gulf of Mexico and onshore in the Gulf Coast area of the United States. It also involves in the incorporation of 3-D seismic interpretation, offshore drilling to total depths, and horizontal drilling. The company owns or controls interests in 451 oil and gas leases in the Gulf of Mexico and onshore Louisiana, and Texas covering approximately 0.88 million gross acres. As of December 31, 2010, it had proved oil and natural gas reserves of approximately 279.8 billion cubic feet equivalent, of which 69 % represented natural gas reserves. The company was founded in 1994 and is headquartered in New Orleans, Louisiana.