According to recent reports, McMoRan Exploration Co. and Energy XXI Ltd.’s shares cclimbed up after the oil exploration companies launched a superb discovery at one of its wells in the Gulf of Mexico.

Shares of McMoRan Exploration Co. increased to $3.54, or 38.5%, to $12.74 in very heavy midday trading. Previously, shares have touched a new 52-week high of $13.59. They have ranged from $3.14 to $11.63 over the past year.

On the other hand, shares of Energy XXI Ltd. increased 82 cents, or 31.2%, to $3.45. Earlier, shares traded at $3.58, eclipsing 2009’s peak of $2.77.

According to the statement issued by the companies, “Davy Jones well drilled to a depth of 28,263 feet and met 135 net feet of hydrocarbon bearing sands, which could contain a mixture of crude oil and natural gas. The exact breakdown of the resource has not yet been determined.”

Moreover, McMoRan operates the Davy Jones aspect and is financing 25.7% of the exploratory costs and grabs a 32.7% operating interest and 25.9% net revenue interest. Energy XXI has operating interest of 15.8%.