zaza energy corp (ZAZA) Key Developments
ZaZa Energy Corporation Receives A Deficiency Letter From The NASDAQ Stock Market LLC
Mar 4 15
On February 26, 2015, ZaZa Energy Corporation received a deficiency letter (the “Notice Letter”) from The NASDAQ Stock Market LLC (“NASDAQ”) indicating that, based on the Company’s market value for the 30 consecutive business days preceding February 26, 2015, the Company does not comply with the minimum market value of listed securities requirement of $35 million, as set forth in NASDAQ Listing Rules 5550(b)(2). The notification has no immediate effect on the listing of the Company’s common stock on the NASDAQ Capital Market. In accordance with NASDAQ Listing Rule 5810(c)(3)(C), the Company has a grace period of 180 calendar days to regain compliance with the minimum market value of listed securities requirement for continued listing. In order to regain compliance, the number of total shares outstanding of the Company multiplied by the closing bid price of the Company’s common stock must be at least $35 million for a minimum of ten consecutive business days during the 180-day grace period. The NASDAQ staff, in its discretion, may extend the compliance period of ten business days to a period of generally no more than 20 consecutive business days. If the Company fails to regain compliance within the 180-day grace period, the Company will receive written notification that its common stock is subject to delisting, but the Company may appeal the delisting determination to a NASDAQ hearings panel.
ZaZa Energy Corporation Announces 30-Day Production Results from Its East Texas Colburn #3H Horizontal Well in Walker County, Texas
Feb 26 15
ZaZa Energy Corporation announced 30-Day production results from its east texas colburn #3H horizontal well in walker county, Texas. The Colburn #3H (API 471-30374) has achieved 24-hour peak production of approximately 808 boe/d (with NGLs), which includes 70 b/d of 53 API oil, 2,860 mcf/d of natural gas, and 262 NGLs b/d. Over the first 30 days of production, average three-stream production for the Colburn #3H was approximately 585 boe/d, consisting of about 250 b/d of liquids and 2,021 mcf/d of natural gas. It is currently producing on a 54/64 choke. Natural gas production has been flowing to sales via pipeline since January 1, 2015, and NGL amounts are estimated based on 1,208 mmbtu gas. The well is flowing up casing, and the company expects production to improve upon installing tubing to achieve the velocity needed to lift the fluids. During completion operations on the Colburn #3H its 4,960' horizontal lateral was fracture stimulated in 26 separate stages with a moderate sized frac including 1,296 lbs of sand per foot of lateral. ZaZa will be proposing higher sand volumes per foot to improve production on future wells. To date 40% of the frac load has been recovered. Pursuant to the terms of the company's East Texas Joint Operating Agreement with EOG Resources, ZaZa now has the right to propose new development wells in specific locations and maintain its desired minimum drilling pace. Following its technical evaluation and an internal acreage high-grading campaign focused on vertical commingled development (Buda-Rose "stack and fracs"), the Company has identified more than 800 well locations on the basis of 80-acre spacing. ZaZa has proposed the following two new AFEs for Buda-Rose vertical wells to be located in Madison and Walker Counties: (i) the Carolina Reaper #1V and (ii) the Tigerpaw #1V. Each well is estimated to cost $3.5 million and deliver an internal rate of return of 30% at current commodity prices. ZaZa expects the production results of the new wells to be similar to those achieved by the Company's previous Toby #1V (cumulative one-year production of 181,069 boe), Grisham #1V (cumulative one-year production of 190,720 boe), and Laura Unit #1V (cumulative one-year production of 135,911 boe) wells.
ZaZa Energy Corporation Announces Resignation of Kevin Schepel as Chief Geoscience and Technology Officer, Effective February 18, 2015
Dec 19 14
On December 18, 2014, Kevin Schepel notified ZaZa Energy Corporation of his decision to resign effective February 18, 2015 as the Chief Geoscience and Technology Officer of the company in order to pursue an opportunity with one of EnCap Investments' portfolio companies. Mr. Schepel will continue to perform his duties as Chief Geoscience and Technology Officer of the company until the effective date of his resignation.
ZaZa Energy Corporation Presents at Capital One Southcoast 2014 Energy Conference, Dec-11-2014 04:20 PM
Nov 18 14
ZaZa Energy Corporation Presents at Capital One Southcoast 2014 Energy Conference, Dec-11-2014 04:20 PM. Venue: Omni Royal Orleans Hotel, 621 St. Louis St, New Olreans, Louisiana, United States.
ZaZa Energy Corporation Reports Earnings and Production Results for the Third Quarter and Nine Months Ended September 30, 2014
Nov 12 14
ZaZa Energy Corporation reported earnings results for the third quarter and nine months ended September 30, 2014. For the quarter, the company reported total revenues of $2.7 million, as compared to $1.1 million for the comparable 2013 period, an increase of approximately 144%. Operating loss was $3.6 million for the three months ended September 30, 2014 as compared to an operating loss of $14.1 million for the three months ended September 30, 2013. The company reported net income of $10.1 million, or income per diluted share of $0.83, for the three months ended September 30, 2014. This compares to a net loss of $20.6 million, or a loss per diluted share of $2.01, for the corresponding period in 2013.
For the nine months ended September 30, 2014, the company reported total revenues of $9.5 million, an increase of 50% as compared to $6.3 million reported for the comparable 2013 period. The company reported an operating loss of $13.7 million for the nine months ended September 30, 2014 as compared to an operating loss of $124.7 million for the nine months ended September 30, 2013. For the nine months ended September, 2014, the company deployed $5.6 million of cash capital expenditures and $21.1 million of carried costs for a total of $26.7 million. For the nine months ended September, 2013 the company deployed $43.3 million of cash capital expenditures and were not carried for any costs. Total debt as of September 30, 2014 was $90.7 million, of which $13.3 million is classified as current, as compared to total debt of $98.4 million as of December 31, 2013, of which $10.2 million was considered current.
For the quarter, production was 54.8 MBOE against 22.3 MBOE a year ago, an increase of 145%.
For the nine months ended September 30, 2014, production was 176.2 MBOE against $87.0 MBOE a year ago, an increase of 102%.