ZaZa Energy Corporation Announces Second Transaction with JV Partner to Acquire Additional Production and Further Develop Its

  ZaZa Energy Corporation Announces Second Transaction with JV Partner to
  Acquire Additional Production and Further Develop Its Eaglebine/Eagle Ford
  East Assets

    JV Partner Accelerates Joint Venture Phases and Exchanges Acreage and

   ZaZa to Receive $16.5 MM Net Cash Plus Production Interests in 23 Wells
                               (~$16.1 MM PDP)

Business Wire

HOUSTON -- September 30, 2013

ZaZa Energy Corporation (“ZaZa” or the “Company”) (NASDAQ:ZAZA) today
announced that it has signed a Second Amendment and First Restatement of Joint
Exploration and Development Agreement (the “Agreement”) with its current joint
venture partner, one of the largest independent crude oil and natural gas
companies in the United States, to further develop and expand its
Eaglebine/Eagle Ford East assets.

                            TRANSACTION HIGHLIGHTS

  *Acceleration of Phase II. ZaZa’s joint venture partner has elected into
    Phase II ahead of the schedule set forth in the original agreement. As
    consideration for the Phase II election, ZaZa will receive (i) $17 MM in
    cash consideration and (ii) interests in 15 of its venture partner’s wells
    outside of the Area of Mutual Interest (“AMI”) line in Madison County (the
    “Southern Madison Wells”) with a PDP present value of $3 MM based on an
    independent reserves report. In addition to the preceding, ZaZa will
    receive 100 percent carry consideration for one (1) vertical well
    completion, two (2) horizontal well completions and a $1.25 MM credit
    towards miscellaneous land or operational expenses. In return, ZaZa will
    assign to its joint venture partner 20,000 net Phase II acres. The Company
    also continues to anticipate timely drilling and completion of three (3)
    carried Phase I obligation wells.
  *Acceleration of Phase III. As consideration for the assignment of at least
    6,000 net former Phase III acres, ZaZa will receive additional interests
    in the Southern Madison Wells with an incremental PDP present value of
    approximately $9 million based on an independent reserves report. Pro
    forma for this transaction, ZaZa will retain approximately 14,000 net
    Phase III acres, and its joint venture partner has the option to elect
    into some or all of this acreage on or before January 31, 2014, by making
    a further cash payment to ZaZa. The original agreement called for a Phase
    III election by January 31, 2015.
  *Acreage and Production Exchange. The Company’s joint venture partner will
    assign to ZaZa (i) a 25 percent working interest in approximately 19,000
    net additional acres recently acquired by its venture partner in the
    Agreement’s AMI and (ii) related AMI interests in multiple producing wells
    with a PDP present value of approximately $4.1 MM. The Company also
    expects additional production in the near future from two (2) recently
    drilled wells, in various stages of completion, within this newly assigned
    acreage. In return for the 25 percent working interest and immediately
    available production, ZaZa will pay $2 MM and assign a 75 percent working
    interest in approximately 18,500 net acres of its retained acreage
    position in Walker and Madison Counties, Texas.

                             MANAGEMENT COMMENTS

According to Todd A. Brooks, ZaZa’s President and CEO, “This is a significant
step forward for our company as we establish our production base and create
the right platform for growth. Through this transaction we’ve successfully
increased our contiguous JV acreage footprint, established $16.1 million in
PDP value across interests in 23 producing wells and will see an influx of
$16.5 million in net cash. I look forward to providing investors with
operational updates as the joint venture progresses.”

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/Eagle Ford East resource plays in Texas. More information about the
Company may be found at

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 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 and Second 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
Jay Morakis, +1 212-266-0191
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