Exploration & Production
Zaza Energy Expands In The Eaglebine; Commences Drilling
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ZaZa Energy Corporation announced today that it has expanded its position in the Eaglebine trend in eastern Texas to a nearly contiguous total holding of approximately 144,123 gross acres (89,378 net acres as of this writing) through a transaction with Range Texas Production, LLC (“Range”), a subsidiary of Range Resources Corporation (NYSE: RRC).
ZaZa also announced that it will commence a six-well continuous drilling program in May 2012, which will comprise both vertical and horizontal wells.
Under the terms of the transaction with Range, ZaZa will obtain a 75% working interest in the acquired acreage, be the designated operator, commit to drilling a well on the newly acquired acreage (as part of its six-well program), and make two undisclosed payments.
The effective date of the…
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