Cox Oil Offshore LLC said Aug. 1 it had purchased certain interests in the Gulf of Mexico (GoM) Outer Continental Shelf from Freeport-McMoRan Oil & Gas, a subsidiary of Freeport-McMoRan Inc. (NYSE: FCX).

The acquisition comprises Freeport-McMoRan's interests in the Flatrock and Hurricane areas of the OCS-310 “Tiger Shoal” lease. The terms of the transaction weren't disclosed.

Cox plans to further exploit the areas' HP/HT wells, as well as normal pressured wells, according to the Dallas-based company's press release.

Brad E. Cox, chairman and founder of Cox Oil, said the company “believes in the enormous potential in the GoM,” which is why it is one of the few GoM operators who are expanding during the continued downturn.

“We will continue to expand the company in a way that will ensure our long-term, strategic success in the oil and gas industry with a fiscally responsible approach to acquisitions and development of our assets,” Craig Sanders, CEO of Cox Oil, said in a statement.

Cox Oil closed the transaction July 31, according to the release.