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ZaZa Energy Corporation Announces New Purchase And Sale Agreement For Its Remaining Moulton Assets

  ZaZa Energy Corporation Announces New Purchase And Sale Agreement For Its
                           Remaining Moulton Assets

Company terminates purchase and sale agreement with original purchasing party

PR Newswire

HOUSTON, July 2, 2013

HOUSTON, July 2, 2013 /PRNewswire/ --ZaZa Energy, LLC, a wholly-owned
subsidiary of ZaZa Energy Corporation ("ZaZa" or the "Company") (NASDAQ:
ZAZA), today announced that it has entered into a new purchase and sale
agreement with an independent third party to sell ~10,300 net acres of the
Company's properties located in Fayette, Gonzalez and Lavaca Counties, Texas,
which the Company refers to as its Moulton properties ("Moulton") in the Eagle
Ford. The total cash purchase price for the ~10,300 net acres is ~$28.8
million. As part of the agreement, ZaZa has received a down payment of $1.4
million. The closing of the sale is expected to occur on or before July 31,
2013 and is subject to normal closing conditions.

In conjunction with today's announcement, ZaZa also disclosed that it has
terminated its purchase and sale agreement with the original purchasing party
as this party was unable to fund and close the transaction.

Commenting on today's announcement, Todd A. Brooks, President and Chief
Executive Officer of ZaZa stated, "Given the current landscape, we believe
that transacting at this metric was the best and most prudent action for the
company at this time. We remain focused on monetizing select Eagle Ford
assets in order to improve our balance sheet and we are currently pursuing
other joint ventures in the area. In the Eaglebine, our joint venture is
progressing as planned and we anticipate timely drilling of the first three
wells as part of the Agreement."

About ZaZa Energy Corporation
Headquartered in Houston, Texas, ZaZa Energy Corporation is a publicly-traded
exploration and production company with primary assets in the Eagle Ford and
Eaglebine resource plays in Texas. More information about the Company may be
found at www.zazaenergy.com.

Safe Harbor Statement
This news release contains forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934. Forward-looking statements can be identified by words
such as "anticipates," "intends," "plans," "seeks," "believes," "estimates,"
"expects," "forecasts" and similar references to future periods. These
statements include, but are not limited to, statements about the expected
timing of the closing of the sale of the Moulton properties, ZaZa's ability to
execute on exploration, production and development plans, 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. While forward-looking statements are based on our
assumptions and analyses that we believe to be reasonable under the
circumstances, whether actual results and developments will meet our
expectations and predictions depend on a number of risks and uncertainties
that could cause our actual results, performance and financial condition to
differ materially from our expectations. See "Risk Factors" in our 2012 Form
10-K and 2013 First Quarter Form 10-Q filed with the Securities and Exchange
Commission for a discussion of risk factors that affect our business. Any
forward-looking statement made by us in this news release speaks only as of
the date on which it is made. Factors or events that could cause our actual
results to differ may emerge from time to time, and it is not possible for us
to predict all of them. We undertake no obligation to publicly update any
forward-looking statement, whether as a result of new information, future
development, or otherwise, except as may be required by law.

JMR Worldwide
Glenn Wiener, Partner
+1 212-786-6011
gwiener@jmrworldwide.com

SOURCE ZaZa Energy, LLC

Website: http://www.zazaenergy.com
 
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