ZaZa Energy up 25% After Announcing Agreements with Hess, Debt Prepayment, and JV

ZaZa Energy Corp ZAZA is trading higher on the session following the announcement of agreements with Hess, partial prepayment of debt, and engagement for a JV process. Agreements will increase net Eagle Ford core land holdings six-fold to 72,000 acres and ZaZa to be paid $85 million. Mr. Craig McKenzie, Chief Executive Officer, said, “We are very pleased with today's events. In a relatively short period of time we have transformed the corporation and have focused our portfolio on near-term growth opportunities that will benefit all ZaZa stakeholders. Upon closing the transaction, we will have created a critical mass of assets in the prolific Eagle Ford core and emerging Woodbine/Eaglebine plays, where we will be the operator of approximately 170,000 net acres. We will also retain our French base business and preserve access to upside from future exploration success associated with the one million acres targeting the Liassic resource.” ZaZa Energy is currently trading at $4.06, a gain of $0.81 or 24.92%.