Oil, Gas and Consumable Fuels
Company Overview of ZaZa Energy Corporation
ZaZa Energy Corporation, an independent oil and gas company, focuses on the exploration and production of unconventional and conventional oil and gas assets in the United States. The company’s properties include the Eagle Ford East Trend comprising approximately 41,000 net acres in Houston, Leon, Madison, Grimes, Walker, Trinity, and Montgomery counties in East Texas; and Eagle Ford Trend covering approximately 3,700 net acres located in DeWitt and Lavaca counties in South Texas. As of December 31, 2014, it owned 45,000 net acres with proved reserves of approximately 1,011 thousand barrels of oil equivalent. ZaZa Energy Corporation is headquartered in Houston, Texas.
1301 McKinney Street
Houston, TX 77010
Key Executives for ZaZa Energy Corporation
Co-Founder, Chief Executive Officer, President and Executive Director
Total Annual Compensation: $248.4K
Chief Compliance Officer, General Counsel and Corporate Secretary
Total Annual Compensation: $922.2K
Outside Strategic Advisor
Total Annual Compensation: $450.0K
Compensation as of Fiscal Year 2014.
ZaZa Energy Corporation Key Developments
ZaZa Energy Corporation Reports Earnings and Operating Results for the Year Ended Dec. 31, 2014
Mar 31 15
ZaZa Energy Corporation reported earnings and operating results for the year ended Dec. 31, 2014. For the year, the company reported total oil and gas revenues of $11.5 million, as compared to $8.9 million for the year ended December 31, 2013, an increase of approximately 29%. This was primarily due to production increases from the company's joint ventures in East and South Texas, partially offset by production decreases from the divestments of non-core assets in the prior year. The company reported an operating loss of $22.1 million as compared to $106.4 million in for the years ended December 31, 2014 and 2013, respectively. Net loss for the year 2014 was $8.2 million or a loss per diluted share of $0.75 per share as compared to a net loss for the year 2013 of $67.6 million or a loss per diluted share of $6.53. For the year ended December 31, 2014, the company deployed $10.6 million of cash capital expenditures and $16.2 million of carried costs for a total of $26.8 million of capital expenditures. For the year ended December 31, 2013, the company deployed $47.4 million of cash capital expenditures and $7.8 million of carried costs for a total of $55.2 million of capital expenditures.
For the year, total production was 231.6 Mboe as compared to 131.3 Mboe, an increase of 76.7%.
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.
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