Stone Fox Capital
Long/short equity, growth at reasonable price, research analyst, deep value

McMoRan: Investment Remains Intact Despite Mechanical Issues

McMoRan Exploration Co. (NYSE:MMR) shares plunged on Monday after the company reported more mechanical issues with the hopefully prolific Davey Jones No. 1 well. Investors had expected results from this well over a year ago, but problems continue to frustrate all involved in this historic drilling effort.

The company is attempting to lead the world in ultra-deep drilling in shallow waters off the Gulf of Mexico. It has numerous exploratory and development wells in the sub-25,000-feet zones. Investors interested in the stock should heed warnings from the CEO, Jim Bob Moffett, who was quoted in a recent Bloomberg article as saying:

"People call us pioneers. Well, that's great, I guess, (though) some people say pioneers end up with...
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