SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): January 20, 1998
McMoRan Oil & Gas Co.
Delaware 0-23870 72-1266477
(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification
incorporation or Number)
organization)
1615 Poydras Street
New Orleans, Louisiana 70112
Registrant's telephone number, including area code: (504) 582-4000
Item 5. Other Events.
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NEW ORLEANS, LA., January 20, 1998 -- McMoRan Oil & Gas Co.
(NASDAQ: MOXY) announced today that its Board of Directors has
elected Mr. Gerald J. Ford to the Board. Mr. Ford, age 53, is
the Chairman of the Board and Chief Executive Officer of
California Federal Bank (formerly known as First Nationwide
Bank), a California based Federal Savings Bank with approximately
$30 billion in assets. Mr. Ford graduated from Southern
Methodist University in 1966 with a Bachelor of Arts degree and
earned a Juris Doctorate degree from Southern Methodist
University's School of Law in 1969.
MOXY also announced that effective December 15, 1997, Mr.
Ford has joined as a joint venture participant in the MOXY
Exploration Program, MOXY's previously announced expanded
exploration program with Phosphate Resource Partners, Limited
Partnership (NYSE:PLP), formerly Freeport-McMoRan Resource
Partners, Limited Partnership. The exploration program has been
expanded from an aggregate $200 million to $210 million and
sharing percentages for costs have been adjusted to be 56.4% for
PLP, 37.6 percent for MOXY and 6 percent for Mr. Ford. Ownership
and revenue sharing percentages in the exploration program have
also been adjusted to 47 percent for PLP, 48 percent for MOXY and
5 percent for Mr. Ford.
"We are very pleased with the addition of Jerry Ford to
MOXY's Board and to have him as a participant in our exploration
program," said Richard C. Adkerson, Co-Chairman and Chief
Executive Officer of MOXY. "His experience and expertise will be
a great benefit to our Board and management team and to our
shareholders."
In addition, MOXY announced today that Ms. Gabrielle K.
McDonald and Messrs. Robert W. Bruce III, William B. Harrison,
Jr., Bobby Lee Lackey, George Putnam and J. Taylor Wharton have
retired from MOXY's Board of Directors. Regarding the
retirements, Mr. Adkerson said, "We appreciate the valuable
contributions of this group of former directors to MOXY."
As a result of these changes, MOXY's Board of Directors now
consists of Messrs. James R. Moffett, Co-Chairman of the Board,
Richard C. Adkerson, Robert A. Day, Gerald J. Ford and B. M.
Rankin, Jr.
MOXY is an independent oil and gas company engaged in the
exploration, development and production of oil and natural gas
reserves offshore in the Gulf of Mexico and onshore in the Gulf
Coast area. The company generates prospects and evaluates farmin
opportunities applying its geological and geophysical expertise
using 3-D seismic data and state of the art technology.
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SIGNATURE
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Pursuant to the requirements of the Securities Exchange
Act of 1934, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly
authorized.
McMoRan Oil & Gas Co.
By: /s/ C. Donald Whitmire
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C. Donald Whitmire
Controller
(authorized signatory and
Principal Accounting Officer)
Date: February 3, 1998
