ZaZa Energy Commences Drilling in Eaglebine Resource Play
HOUSTON -- August 17, 2012
ZaZa Energy Corporation (“the Company” or “ZaZa”) (NASDAQ: ZAZA) announced
today that it has commenced drilling its first well in the Woodbine region of
Texas (also known as the Eaglebine), an emerging resource play in the Eastern
trend of the Eagle Ford.
The well is located on acreage acquired through a transaction with Range Texas
Production, LLC (“Range”), a subsidiary of Range Resources Corporation (NYSE:
RRC), announced on March 29, 2012. Under the terms of the transaction with
Range, ZaZa obtained a 75% working interest in the acquired acreage, became
the designated operator, and has fulfilled its obligation to commence
operations on the first well within the agreed upon timeframe.
Todd A. Brooks, President and Chief Executive Officer, said, “We are pleased
to begin drilling in this exciting resource play that marks the Eastern trend
of the Eagle Ford. The organic rich geologic horizon is thicker and has a
higher sand concentration than that seen in the Eagle Ford core, offering
higher resource potential per acre at lower drilling costs. Judging by the
recent success of other operators in the area, we are very optimistic about
our prospects in this resource play, and look forward to advancing our
drilling program while simultaneously running our strategic review process to
identify a joint venture partner.”
ZaZa’s portfolio of assets now includes approximately 72,000 net acres in the
Eagle Ford core, 90,000 nearly contiguous net acres in the Woodbine/Eaglebine
play in Grimes, Madison, and Walker Counties, and approximately 24,260
wholly-owned acres of conventional producing assets in the Paris Basin.
About ZaZa Energy Corporation
Headquartered in Houston, Texas, with offices in Corpus Christi, Texas and
Paris, France, ZaZa Energy Corporation is a publicly-traded exploration and
production company with primary assets in the Eagle Ford, Eaglebine and Paris
Basin resource plays. More information about the Company may be found at
Safe Harbor Statement
Except for the historical information contained herein, the matters set forth
in this news release are “forward-looking statements” within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. ZaZa intends that all such
statements be subject to the “safe-harbor” provisions of those Acts. Many
important risks, factors and conditions may cause ZaZa’s actual results to
differ materially from those discussed in any such forward-looking statement.
These risks include, but are not limited to, estimates of reserves, estimates
of production, future commodity prices, exchange rates, interest rates,
geological and political risks, drilling risks, product demand, transportation
restrictions, actual recoveries of insurance proceeds, the ability of ZaZa to
obtain additional capital, and other risks and uncertainties described in the
Company’s filings with the Securities and Exchange Commission. The historical
results achieved by ZaZa are not necessarily indicative of its future
prospects. The Company undertakes no obligation to publicly update or revise
any forward-looking statements, whether as a result of new information, future
events or otherwise.
Sard Verbinnen & Co.
Dan Gagnier, +1-212-687-8080
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