ZaZa Energy Corporation announced that, following an unsolicited request from an interested party, ZaZa has entered into an exclusivity agreement relating to the potential sale of ZaZa Energy France S.A.S.
ZEF comprises 24,260 wholly-owned acres of conventional producing assets in the Paris Basin, France. Pursuant to the Agreement, ZaZa is allowing the interested party to conduct due diligence on the Assets.
Todd A. Brooks, President and Chief Executive Officer, said, "We are pleased to have signed an exclusivity agreement to further vet the merits of a potential transaction for our conventional producing concessions in France. This effort is consistent with our strategic plan to focus our exploration efforts in the prolific Eagle Ford and Eaglebine resource plays in Texas, while strengthening our balance sheet and divesting non-core assets."
There can be no assurance that a transaction will be reached, and ZaZa is under no obligation to announce developments unless and until an agreement has been reached.
ZaZa's portfolio of assets currently includes approximately 72,000 net acres in the Eagle Ford core, 90,000 nearly contiguous net acres in the Woodbine/Eaglebine play in Grimes, Madison, and Walker Counties, and approximately 24,260 wholly-owned acres of conventional producing assets in the Paris Basin.
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