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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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August 28, 2014
17:11 EDTZAZACrede CG III reports 7.89% passive stake in ZaZa Energy
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August 27, 2014
07:04 EDTZAZAZaZa Energy announces East Texas JV agreements with private equity firm
ZaZa Energy Corporation and an affiliate of Quantum Energy Partners have entered into a Purchase and Sale Agreement, which includes an East Texas Development Agreement comprising Walker, Grimes, Madison, Trinity, and Houston counties. Pursuant to the terms of the Quantum Agreements: ZaZa will receive ~$17M of total consideration, consisting of both cash and ZaZa’s right to receive Quantum’s interest in the next 15 East Texas JV wells between the closing of the Quantum transaction and its second anniversary. ZaZa will assign to Quantum 6,000 net acres in undeveloped leases within ZaZa’s East Texas JV. ZaZa retains its interest in all existing wells and the right to participate with respect to Quantum’s working interest in the Reserved Wells. Following this assignment, ZaZa will have ~30,000 net acres in its East Texas JV and ~10,000 net acres in its East Texas focus area. ZaZa will receive ongoing G&A and cost reimbursements from Quantum for providing services related to their jointly owned assets in Walker, Grimes, Madison, Trinity, and Houston counties.

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