McMoRan Exploration Company

McMoRan Exploration Company is listed on NYSE (MMR). All of our periodic report filings with the Securities and Exchange Commission (SEC) pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, are available, free of charge, through our website located at www.mcmoran.com, including our annual reports on Form 10-K, quarterly reports on Form 10-Q, and current reports on Form 8-K, and any amendments to those reports. These reports and amendments are available through our website as soon as reasonably practicable after we electronically file or furnish such materials with the SEC. All references to Notes in this report refers to the Notes to the Consolidated Financial Statements located in Item 8. of this Form 10-K. OVERVIEW We have provided definitions for some of the industry terms we use in a glossary on page 24. About the Company.

MDC Partners Inc.

MDC Partners Inc. is listed on NASDAQ (MDCA). MDC Partners Inc. (MDC) was formed by Certificate of Amalgamation effective December 19, 1986 pursuant to the Business Corporations Act (Ontario). Effective December 19, 1986, the Company amalgamated with Branbury Explorations Limited, and thereby became a public company operating under the name of MDC Corporation. On May 28, 1996 the Company changed its name to MDC Communications Corporation, on May 29, 1999 it changed its name to MDC Corporation Inc. On July 31, 2003, the Company acquired the remaining 26% of Maxxcom Inc. (Maxxcom) that it did not already own, privatizing the now wholly-owned subsidiary and merging Maxxcom's corporate functions with the Company's existing corporate functions. On January 1, 2004 the Company changed its name to its current name, MDC Partners Inc., and on June 28, 2004, the Company was continued under Section 187 of the Canada Business Corporations Act.

NORTHEAST BANCORP ..ion chartered in April 1987, is a bank holding company registered under the Bank Holding Company Act of 1956 (the BHCA). Prior to 1996, the Company op..

Noble Energy Inc. ..incorporated herein by reference contain forward-looking statements based on expectations, estimates and projections as of the date of this filing. Th..

National Health Investors Inc. ..tate investment trust (REIT) which invests in income producing health care properties primarily in the long-term care industry. As of December 31, 200..

NN Inc. ..bearing components, consisting of balls, cylindrical rollers, tapered rollers, seals, and plastic and metal retainers, for leading bearing manufacture..

Nashua Corporation ..d marketer of labels, specialty papers and imaging products. Our primary products include thermal and other coated papers, wide-format papers, pressur..

Nucor Corporation ..1958. The business of Nucor Corporation and its subsidiaries is the manufacture and sale of steel and steel products, which accounted for all of the s..

Novatel Wireless Inc. ..utions for the worldwide mobile communications market. Our broad range of products includes 3G wireless PC card modems, embedded modems, ruggedized mo..

New Plan Excel Realty Trust Inc. ..ers of community and neighborhood shopping centers. As of December 31, 2004, we owned 404 properties, including 26 properties held through joint 3 - v..

Orleans Homebuilders Inc. ..imarily develop, build and market high-quality single-family homes, townhouses and condominiums. The Company also operates as a land developer, primar..

OPNET Technologies Inc. ..nt software for networks and applications. Our solutions address: application performance management, network configuration management, capacity plann..

Outdoor Channel Holdings Inc. ..terms we, us, our and the Company refer to Outdoor Channel Holdings, Inc. and its subsidiaries as a combined entity, except where noted or where the c..

Prestige Brand Holdings Inc. ..er drug, household cleaning and personal care products. We operate in niche segments of these categories where we can use the strength of our brands, ..

Pacific Gas & Electric Co. ..95, is an energy-based holding company that conducts its business principally through Pacific Gas and Electric Company, or the Utility, a public utili..

PDL BioPharma Inc. ..velopment of humanized monoclonal antibodies for the treatment of disease. Our patented antibody humanization technology is applied to promising mouse..

Park Electrochemical Corporation ..sidiaries (unless the context otherwise requires, Park and its subsidiaries are hereinafter called the Company), is primarily engaged in the design, d..

Merrill Lynch PreferredPlus Tr ..urities held by PPLUS Trust Series FMC-1, please refer to Ford Motor Companys (Commission file number 001-03950) periodic reports, including annual re..

Pall Corporation ..ted in July 1946, and its subsidiaries is a leading supplier of fine filters, principally made by the Company using its proprietary filter media, and ..

Pre-Paid Legal Services Inc. ..tates organized solely to design, underwrite and market legal expense plans. Our predecessor commenced business in 1972 and began offering legal expen..

Bell Industries Inc. ..ogy product sales and managed technology lifecycle services; sales of aftermarket products for recreational vehicles, motorcycles and ATVs, snowmobile..

priceline.com Incorporated .. our customers a broad range of travel services, including airline tickets, hotel rooms, car rentals, vacation packages and cruises. We offer our cust..

Patterson-UTI Energy Inc. ..e we are the second largest owner of land-based drilling rigs in North America. The Company was formed in 1978 and reincorporated in 1993 as a Delawar..

Pixelworks Inc. ..of semiconductors and software for the advanced display industry, including advanced televisions, multimedia projectors and flat panel monitors. Our s..

Qwest Communications International Inc. ..rvices, long-distance services and wireless, data and video services within our local service area, which consists of the 14-state region of Arizona, ..

Rockville Financial Inc. ..-tier stock holding company was formed in Connecticut on December 17, 2004 to reorganize Charter Oak Community Bank Corp. from a state-chartered mutua..

Dr. Reddys Laboratories Ltd ..d development of our company Dr. Reddy's Laboratories Limited was incorporated in India under the Companies Act, 1956, by its promoter, Dr. K. Anji Re..

Reinsurance Group of America Incorporated ..s an insurance holding company that was formed on December 31, 1992. As of December 31, 2004, General American Life Insurance Company (General America..

Regency Centers Corporation ..t (REIT), which began operations in 1993. Our primary operating and investment goal is long-term growth in earnings per share and total shareholder re..

Ramtron International Corporation ..elaware corporation and was founded in 1984. Ramtron is a fabless semiconductor company that designs, develops and markets specialized semiconductor m..

Rent-Way Inc. ..hase stores located in 34 states. The Company offers quality, brand name home entertainment equipment, furniture, computers, major appliances and jewe..

Sterling Bancshares Inc. ..section entitled Forward-Looking Statements in Management's Discussion and Analysis of Financial Condition and Results of Operations included in Item ..

Schnitzer Steel Industries Inc. ..s in three vertically integrated business segments that include the Metals Recycling Business, the Auto Parts Business and the Steel Manufacturing Bus..

SteelCloud Inc. ..re and market custom computers, primarily to the Federal government. By 2004, the Company was principally engaged in the delivery of computer products..

Salton Inc. ..istributor of branded, high quality small appliances, home decor and personal care products. Our product mix includes a broad range of small kitchen a..

Sierra Wireless Inc. .. We provide leading edge wireless wide-area modem solutions for mobile computing over cellular networks. We develop and market a broad range of produc..

Singing Machine Company Inc. (The) ..hine we, us or our) is engaged in the development, production, distribution, marketing and sale of consumer karaoke audio equipment, accessories and m..

StealthGas Inc. ..lic of the Marshall Islands. In October 2005, we completed an initial public offering of our shares of common stock in the United States and our share..

SOURCECORP Incorporated .. process outsourcing solutions specializing in document and information management and a provider of specialized knowledge-based processing and-or con..

Supertel Hospitality Inc. ..trust (REIT), and through our subsidiaries, we own 69 limited service hotels in 16 states. Our hotels operate under several national franchise brands...

Sprint Nextel Corporation .. laws of Kansas, is mainly a holding company, with its operations primarily conducted in its subsidiaries. Unless the context otherwise requires, refe..

Strategic Distribution Inc. ..ation that was organized in 1968. In 1994, the Company acquired Industrial Systems Associates, Inc. (ISA). ISA changed its name to SDI, Inc. (SDI) eff..

Services Acquisition Corp. International ..5, as a blank check company formed to serve as a vehicle for the acquisition, through a merger, capital stock exchange, asset acquisition or other sim..

Sysco Corporation .. and divisions (collectively referred to as SYSCO), is the largest North American distributor of food and related products primarily to the foodservic..

The DirecTV Group Inc ..he company, we or us, was incorporated in Delaware in 1977 and was subsequently acquired by GM in 1985. From 1985 to 2003, we were a wholly-owned subs..

Tuesday Morning Corp. .. furnishings, gifts and related items in the United States. We opened our first store in 1974 and currently operate 662 stores in 43 states at Decembe..

Tenet Healthcare Corporation ..of business-the provision of health care services, primarily through the operation of general hospitals. All of Tenets operations are conducted throug..

Taleo Corporation ..o organizations of all sizes. We enable organizations to recruit, assess and manage their workforces for improved business performance. Organizations ..

Technical Olympic USA Inc ..single-family residences, town homes, and condominiums. We operate in markets characterized by strong population and income growth. Currently we condu..

Trammell Crow Company ..sified commercial real estate service companies in the world. The Company delivers a comprehensive range of services to leading multinational corporat..

Trump Entertainment Resorts Inc ..s, Inc. (THCR,) and certain of its subsidiaries (collectively, the Debtors) filed voluntary petitions for relief under chapter 11 of the United States..

Tesoro Petroleum Corporation ..o major operating segments - (1) refining crude oil and other feedstocks and selling petroleum products in bulk and wholesale markets (refining) and (..

Timken Company (The) ..luding the companys fore- casts, beliefs and expectations) that are not historical in nature are forward-looking statements within the meaning of the ..

United Community Financial Corp. ..) was incorporated in the State of Ohio in February 1998 for the purpose of owning all of the outstanding capital stock of The Home Savings and Loan C..

UniSource Energy Corporation ..significant operations of its own. Operations are conducted by UniSource Energys subsidiaries, each of which is a separate legal entity with its own a..

V.F. Corporation ..leader in the manufacturing and marketing of branded apparel and related products. Unless the context indicates otherwise, the term VF used herein mea..

Varian Semiconductor Equipment Associates Inc. ..arian Semiconductor) is the leading supplier of ion implantation systems used in the fabrication of semiconductor chips. Varian Semiconductor designs,..

Vector Group Ltd. ..lding company for a number of businesses. We hold these businesses through our wholly-owned subsidiary VGR Holding Inc. We are engaged principally in:..

Valpey Fisher Corporation ..s incorporated under the laws of Maryland. As used herein the term Company refers to Valpey-Fisher and its subsidiaries. Financial Information about I..

Vermont Pure Holdings Ltd. ..uction, marketing and distribution of bottled water and the distribution of coffee, ancillary products, and other office refreshment products. Through..

Whole Foods Market Inc. ..gest chain of natural and organic food stores. Our Company mission is to promote the vitality and well-being of all individuals by supplying the highe..

LYON WILLIAM HOMES ..bsidiaries are primarily engaged in the design, construction and sale of single family detached and attached homes in California, Arizona and Nevada...

Warren Resources Inc. ..natural gas and oil reserves and the PV-10 value of our interests in net reserves in producing properties as of December 31, 2004, 2003 and 2002 based..

Impreso Inc. ..so, Inc. (TST), a manufacturer and distributor to dealers and other resellers of various paper and film products for commercial and home use in domest..

ADVO Inc. ..y engaged in soliciting and processing printed advertising from retailers, manufacturers and service companies for targeted distribution by both share..

Airspan Networks Inc. ..ess (BWA) equipment that allows communications service providers (often referred to as local exchange carriers, or simply telephone companies), intern..

Amtech Systems Inc. ..Arizona in October 1981, under the name Quartz Engineering & Materials, Inc., and changed to its present name in 1987. Amtech also conducts operations..

Arena Resources Inc ..n August 31, 2000. Our principal executive offices are located at 4920 South Lewis Avenue, Suite 107, Tulsa, Oklahoma 74105, and our telephone number ..

Avigen Inc. ..mercializing innovative therapeutics to treat serious disorders, primarily for neurological conditions. The Company is shifting its focus from DNA-bas..

Brady Corporation ..14, currently operates 35 manufacturing facilities worldwide. Eleven are located in the United States; three each in Brazil, China, Germany, and the U..

BSD Medical Corporation ..s that deliver precision-focused radio frequency (RF) and microwave energy into diseased sites of the body, heating them to specified temperatures as ..

Baldwin & Lyons Inc. ..aws of the State of Indiana in 1930. Through its divisions and subsidiaries, Baldwin & Lyons, Inc. (referred to herein as B&L) specializes in marketin..

Capital City Bank Group ..al holding company registered under the Gramm-Leach-Bliley Act of 1999 (Gramm- Leach-Bliley Act) and is subject to the Bank Holding Company Act of 195..

Chemical Financial Corporation ..rporation) is a multibank holding company registered under the Bank Holding Company Act of 1956, as amended, and incorporated in the State of Michigan..

CenterPoint Energy Inc (Holding Co) ..rect wholly owned subsidiaries include: - CenterPoint Energy Houston Electric, LLC (CenterPoint Houston), which provides electric transmission and dis..

Courtside Acquisition Corp. ..ny formed on March 18, 2005 to effect a merger, capital stock exchange, asset acquisition or other similar business combination with an operating busi..