Deals - Acquisition, Mergers, Divestitures
Zaza, Hess Terminate Eagle Ford JV
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ZaZa Energy Corporation announced that it recently received initial approval from the French government regarding the terms of ZaZa’s transaction with Hess Corporation (“Hess”) (collectively, the “Parties”), announced June 11, 2012. This initial approval enabled the Parties to complete the termination of their 2010 agreements on October 1, 2012. As part of the transaction, ZaZa’s working interest in the Parties’ Paris Basin exploration licenses has now been converted into a 5% overriding royalty interest capped at $130 million.
Todd A. Brooks, President and Chief Executive Officer, said, “We are pleased to receive initial approval from the French government for the transaction, which provides ZaZa with attractive royalty rights to a resource play with significant potential. The Company…
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