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February 7, 2014
08:04 EDTZAZA, HESZaZa, Hess announce early lender payment requirements have been completed
ZaZa Energy (ZAZA) provided updates on certain corporate events. The company has agreed with Hess (HESS) to an early release of $15M of the company’s money held in escrow. This release was part of a broader transaction that also included termination of the company’s overriding royalty interests in certain assets in the Paris Basin, France, Hess’s release of an interest in the company’s litigation against certain third parties and the payment of $3.5M of the escrowed funds to Hess. The remaining $11.5M was released to ZaZa, and these proceeds, combined with approximately $1.1M of cash on hand, were used to reduce the Senior Secured debt from $26.8M to $15M. All previously required early pay downs to the Senior Secured holders have now been completed.
News For ZAZA;HES From The Last 14 Days
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July 30, 2014
09:04 EDTHESOn The Fly: Pre-market Movers
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07:36 EDTHESHess Corp. boosts share repurchase program to $6.5B from $4B
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07:33 EDTHESHess Corp. reports Q2 adjusted EPS $1.38, consensus $1.18
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07:01 EDTHESHess Corp. to pursue formation of MLP
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July 29, 2014
15:53 EDTHESNotable companies reporting before tomorrow's open
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July 21, 2014
09:12 EDTZAZAZaZa Energy announces $7.5M capital markets transaction
ZaZa Energy has entered into a $7.5M capital markets transaction with Crede Capital Group, LLC, a Los Angeles-based family office. The company plans to use the proceeds to fund additional East Texas development and lease acquisitions. The investment will be made in two phases. The closing of the first phase, which has occurred today, is for $5M gross proceeds in exchange for ZaZa common stock at a price of 83c per share. The price per share was determined by the closing price on July 17, 2014 as reported on the Nasdaq Capital Market. The transaction also includes 0.6 warrants for every share of ZaZa common stock with a strike price of $1.1205 per share, a 35% premium to such price. The second phase for $2.5M is scheduled to close on or before October 20, 2014, and also includes 0.6 warrants for every share of ZaZa common stock. The price for such additional shares shall be determined by reference to the closing price of ZaZa common stock on the day prior to such additional issuance.

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