Operational Updates
ZaZa Terminates Agreements With Hess; Seeks Woodbine and Eagle ford JV Partner
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ZaZa Energy Corp. has ended partnership agreements with Hess Corp. to explore and develop the Eagle Ford shale formation in Texas and the Paris basin in France, and the oil-and-gas company is seeking another joint venture partner in Texas.
ZaZa has received an immediate payment of $15 million to end its exploration and development agreement with oil company Hess for the Eagle Ford region in Texas. The companies will also end their partnership agreement in the Paris basin, France. The companies expect to sign definitive agreements by June 29, and close the transaction before August 15. The companies will transfer to each other certain oil, gas and mineral interests, well bores and production in Texas and France.
Under the terms of the deal, which includes an agreement of royalty payments…
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