ZaZa Energy Corporation Announces New Purchase And Sale Agreement For Its Remaining Moulton Assets

ZaZa Energy, LLC, a wholly-owned subsidiary of ZaZa Energy Corporation ("ZaZa" or the "Company") ZAZA, today announced that it has entered into a new purchase and sale agreement with an independent third party to sell ~10,300 net acres of the Company's properties located in Fayette, Gonzalez and Lavaca Counties, Texas, which the Company refers to as its Moulton properties ("Moulton") in the Eagle Ford. The total cash purchase price for the ~10,300 net acres is ~$28.8 million. As part of the agreement, ZaZa has received a down payment of $1.4 million. The closing of the sale is expected to occur on or before July 31, 2013 and is subject to normal closing conditions. In conjunction with today's announcement, ZaZa also disclosed that it has terminated its purchase and sale agreement with the original purchasing party as this party was unable to fund and close the transaction. Commenting on today's announcement, Todd A. Brooks, President and Chief Executive Officer of ZaZa stated, "Given the current landscape, we believe that transacting at this metric was the best and most prudent action for the company at this time. We remain focused on monetizing select Eagle Ford assets in order to improve our balance sheet and we are currently pursuing other joint ventures in the area. In the Eaglebine, our joint venture is progressing as planned and we anticipate timely drilling of the first three wells as part of the Agreement." About ZaZa Energy Corporation Headquartered in Houston, Texas, ZaZa Energy Corporation is a publicly-traded exploration and production company with primary assets in the Eagle Ford and Eaglebine resource plays in Texas. More information about the Company may be found at www.zazaenergy.com.