If it feels like there's a company out there stumping for cash every single day, well, that's because there is.
On Monday, McMoRan Exploration
Despite similar share-raising experiences by the likes of Stone Energy
Of course, the firm doesn't have a great deal of availability under that facility, either. McMoRan's borrowing base was cut dramatically back in April. A letter of credit supporting the reclamation obligations tied to the acquisition of Newfield Exploration's
So, I suppose it makes sense that McMoRan feels constrained by its current liquidity situation. In the offering prospectus, the firm notes that it's looking into securing a two-year drill rig commitment to further its exploration campaign. That would add over $100 million in net capital requirements, though cost-sharing with partners like Plains Exploration & Production
McMoRan clearly has its eyes on some big prizes -- with ExxonMobil's