SEC FORM 4

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

CRANDALL J TAYLOR

(Last)

(First)

(Middle)

201 MAIN STREET

SUITE 3100

(Street)

FORT WORTH

76102

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
MCMORAN EXPLORATION CO /DE/ [ MMR ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

Director	X	10% Owner
Officer (give title below)	X	Other (specify below)
		See Footnote (3)

3. Date of Earliest Transaction (Month/Day/Year)
06/18/2007

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock, par value $0.01 per share	06/18/2007		C		261,954	A	$0	851,354	I	See Footnote⁽¹⁾
Common Stock, par value $0.01 per share	06/18/2007		C		1,091,475	A	$0	3,447,498	I	See Footnote⁽²⁾

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
5% Convertible Preferred Stock	$0	06/18/2007		C			50,400	06/21/2002	06/30/2012	Common Stock	261,954	$25	0	I	See Footnote⁽¹⁾
5% Convertible Preferred Stock	$0	06/18/2007		C			210,000	06/21/2002	06/30/2012	Common Stock	1,091,475	$25	0	I	See Footnote⁽²⁾

Explanation of Responses:

1. These securities are held directly for the account of The Anne T. and Robert M. Bass Foundation (the "Foundation") and indirectly by the reporting person, pursuant to the relationships set forth in this footnote. The reporting person is a director of the Foundation, for which decisions regarding the voting and disposition of the Common Stock are made by a majority vote of all three directors. Pursuant to Rule 16a-1(a)(2) under the Exchange Act of 1934, as amended (the "Act"), the reporting person may be deemed to be the beneficial owner of shares of Common Stock beneficially owned by the Foundation. Pursuant to Rule 16a-1(a)(4) under the Act, this filing shall not be deemed an admission that the reporting person is for purposes of Section 16 under the Act or otherwise, the beneficial owner of any securities owned by the Foundation.

2. These securities are held directly for the account of Alpine Capital, L.P., a Delaware limited partnership ("Alpine"), and indirectly by the reporting person, pursuant to the relationships set forth in this footnote. The reporting person is the President and sole stockholder of Algenpar, Inc., a Texas Corporation ("Algenpar"), which is the general partner of Alpine. Pursuant to Rule 16a-1(a)(2) under the Act, Mr. Crandall is deemed to be the beneficial owner of shares of Common Stock beneficially owned by Alpine only to the extent of the greater of his direct or indirect interest in the profits or capital account of Alpine. Pursuant to Rule 16a-1(a)(4) under the Act, this filing shall not be deemed an admission that Mr. Crandall is, for purposes of Section 16 under the Act or otherwise, the beneficial owner of any securities owned by Alpine in excess of such amount.

Remarks:

(3) The reporting person may be deemed to be a member of a Section 13(d) group that owns more than 10% of the Common Stock of McMoRan Exploration Co. However, the reporting person disclaims such group membership, and this report shall not be deemed an admission that the reporting person is a member of a Section 13(d) group that owns more than 10% of the Common Stock of McMoRan Exploration Co. for purposes of Section 16 under the Act or for any other purpose. (4) Mr. Levy is signing in his capacity as Attorney-in-Fact for the reporting person.

	/s/ Kevin G. Levy, Attorney-in-Fact (4)	08/16/2007
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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